Carl Linderum was getting ready for work one morning at his London home when he heard a pounding on his door. He figured the group of men outside were employees of his gas provider, there to badger him over a disputed bill. In fact, they were plainclothes police officers and agents from the U.K.’s financial regulator. They had come to arrest the 36-year-old trader, who ran a small hedge fund, for suspected insider trading. The arrests last February of Mr. Linderum and a colleague led to the collapse of their roughly $100 million hedge fund, Lodestone Investment Partners LLP. Seven people lost their jobs. Nearly 10 months later, the Financial Conduct Authority dropped the investigation of the two Lodestone executives and a third trader from another hedge fund who was arrested at the same time…Margaret Cole, a top agency enforcement official from 2005 to 2012, says high-profile raids and arrests are a key component of the strategy—even if they don’t yield convictions. “A large part of the deterrent effect comes from the regulator doing this, and you don’t know when they might pop up and do it again,” she says. [WSJ via Matt]
- 28 Aug 2014 at 8:00 AM
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- Every Second Of Jefferies CEO's Ice Bucket Challenge Is Better Than The Last August 27, 2014
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- Kyle Bass Not Entirely Thrilled With Paul Singer At The Moment August 28, 2014
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- Opening Bell: 08.29.14 August 29, 2014
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- Write-Offs: 08.29.14 August 29, 2014
- Pay Hike Watch '14: Raises For Everyone (Under 25)! August 21, 2014
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