London court jailed UBS former compliance officer after being found guilty of insider trading.
The compliance officer and a day trader involved in the accusations faced the court decision for incarceration over a period of 3 years.
The elaborate scheme included the use of UBS trade system and disposable SIM cards to communicate the information to the day trader in order to access to the market in real time.
The fraudulent operation managed to gain over £1 million between 2013 and 2014. In which the judge noted as a deliberate and dishonest operation which lasted one year.
In conclusion, text book cases of insider dealing keep happening and controls not always manage to detect them on time.