The financial regulator, Financial Services Authority (FSA), has charged seven people of being involved in insider trading. It alleged that these people were involved in the ring that went on to trade which was worth £2.5 million.
The investigations regarding this are still on.
This is not the first time that these seven have been arrested and questioned regarding this issue. Earlier, in July 2008, they were taken into custody by the FSA. Since then, 35 investigators have been studying and investigating the whole issue.
Charges involved trades that took place in Abbott Group, Biffa, Enodis, GCap, Laidlaw International, Morgan Crucible, Premier Oil, Reuters and Thus. It was in between 2006-2008 that these share trading were done.
Since then 20,000 files and trading accounts of 130 individuals have been studied. There are 250 witnesses that have been investigated till now.
The FSA said that these seven people in question have used many confidential printing houses of many investment banks, during the period of fraud.
The defendants are supposed to appear in front of the City of Westminster Magistrate's Court on April 14, for the case to begin.