FSA commences criminal proceedings against third individual for insider dealing
30th March 2010The Financial Services Authority (FSA) confirms that it has commenced criminal proceedings against Helmy Omar Sa'aid for the offences of insider dealing and conspiracy to commit insider dealing.
On 30 March 2010 Mr Sa'aid appeared before the City of Westminster Magistrates' Court charged with 13 counts of insider dealing contrary to section 52(1) of the Criminal Justice Act 1993 and one count of conspiracy to commit insider dealing contrary to section 1(1) of the Criminal Law Act 1977. The offences relate to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2009. Mr Sa'aid has been remanded into custody and will appear on 3 June 2010 at Southwark Crown Court.
On 15 March 2010 Mr Sa'aid was arrested by the French authorities in Mayotte, a French overseas territory in the Comoros Islands, pursuant to a European Arrest Warrant issued by City of Westminster Magistrates' Court at the request of the FSA. He was yesterday returned to the UK with the assistance of the City of London Police.
This case is linked to that of Angie and Christian Littlewood who, on 10 and 11 March 2010 were charged with 13 counts of Insider Dealing and one count of conspiracy to commit insider dealing.
