Ex-Blue Index Senior Trader Not Guilty of U.K. Insider Charges
News from Bloomberg:

A former senior trader at Blue Index Ltd., Christopher Hossain, was found not guilty of insider trading after the brokerage’s founder and his wife pleaded guilty to the charges before the trial began.

A friend of the founder, Adam Buck, was also acquitted in the case after a five-week trial at a London criminal court. The FSA had alleged at the trial that the two men made at least 185,000 pounds ($ 290,000) combined trading on tips they received from the fund’s founder James Sanders.

Sanders, who pleaded guilty, traded on tips that Kronos Inc., aQuantive Inc. and Getty Images Inc. were the targets of takeover offers, the U.K. Financial Services Authority said. Blue Index co-owner James Swallow also pleaded guilty before trial.

The information originated from Arnold McClellan, the head of the mergers and acquisitions advisory group at the accounting and consulting firm Deloitte LLP’s San Francisco office. McClellan’s wife, Annabel, is the sister of Sanders’s wife, Miranda. San…………… continues on Bloomberg

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