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Vivienne Tanchel, barrister at 2 Hare Court, explores Operation Tabernula and suggests it was successful due to its sheer size and the impressive use of surveillance techniques more commonly associated with other types of criminality.
Two convicted of insider dealing in landmark case, LNB News 10/05/2016 74
Two men, including a senior investment banker and a chartered accountant, have been convicted of conspiring to insider deal between November 2006 and March 2010 following a case brought by the Financial Conduct Authority (FCA).
What is the background to the enforcement action arising from Operation Tabernula?
The background to Operation Tabernula was the reporting of a significant number of suspicious transactions by City brokers. The investigation commenced in 2007 and had four strands to it. The FCA and National Crime Agency (NCA) combined their skills to pursue the investigation culminating in a series of dawn raids and arrests in 2010.
The suspicious transaction reports revealed a number of transactions that appeared to coincide with relevant corporate activity—however, they did not reveal the source of the information. Painstaking investigation led the authorities to the insiders.
What did the FCA say about its investigation and the breaches?
The FCA has claimed the outcome of the Operation Tabernula trial as a great success. It has highlighted that the standard of proof in criminal trials is high, therefore the chances of not getting the outcome the evidence would suggest is high too. It has also observed that the evidence it relied upon was very technical and required it to put together a ‘patchwork’ of information and, therefore, even to get a single conviction is a success. The FCA has also commented that although both Mr Dodgson and Mr Hind went to great lengths to conceal their activities, they underestimated the tenacity of the investigation team. Interestingly, the FCA has publicly commended the City brokers for
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