Whitby arrests for Insider Dealing

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A PAIR of elderly Whitby residents were arrested yesterday (22 January) as part of a nationwide investigation into insider dealing.

A 62-year-old man and 63-year-old woman were arrested by Financial Services Authority agents and taken to Scarborough Police Station for questioning.

As part of the same investigation arrests have also been made in the City of London, Lincolnshire and Leicestershire.

Three other people have also been arrested, including a 37-year-old man and two women, aged 39 and 51.

All five are currently in police custody and are being questioned in connection with the investigation in to insider dealing and market abuse.

Insider dealing is a criminal offence that is punishable by a fine or up to seven years imprisonment.

The FSA regulates the financial services industry and has secured 21 convictions since 2009, with another six individuals currently facing prosecution.