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Employment lawHR practiceDiscipline

City workers face fines and ban for betting on shares

by Personnel Today 12 Jan 2010
by Personnel Today 12 Jan 2010

Two City workers face fines and a ban from the Square Mile after using insider information to make more than £85,000 from spread betting on shares.

Robin Chhabra of Evolution and Sameer Patel of General Motors Asset Management were found by a City tribunal to have colluded in using confidential information to make quick profits, according to the Guardian.

Their punishment is yet to be decided, as they had disputed a finding by the Financial Services Authority (FSA) that they had committed market abuse.

Margaret Cole, FSA director of enforcement and financial crime, said: “Chhabra and Patel’s behaviour fell far short of that expected.”

The tribunal will hold a new hearing on the “penalties and prohibitions orders” against the two men.

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