JPMorgan data leak linked to seventh insider trading conviction

13 March 2013 | 3013 views | 0 London skyline - old Natwest tower and gherkin

The Financial Services Authority has achieved the seventh conviction in an insider trading investigation centred around the leaking of price sensitive data from JPMorgan Cazenove.

In a prosecution heard at Southwark Crown Court Richard Joseph, age 43, has been found guilty of six counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently.

Joseph, a former futures trader, was provided with confidential and price-sensitive information by Ersin Mustafa, a print room manager at JP Morgan Cazenove. The M&A information was placed in Web mail dropboxes and used to make spreadbets on share price movements.

Joseph's trading resulted in a net profit of £591,117 in just under a year between September 2007 and July 2008

Mustafa, who is believed to be in north Cyprus, was also a source of inside information in the prosecution of Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel who were convicted and sentenced in July 2012.