An former employee of investment bank Jefferies International is facing prosecution for insider dealing following an investigation by the FCA.
Bobosher Sharipov is charged with leaking confidential inside information about a potential takeover involving GCP Student Living to his business associate Bekzod Avazov in 2021.
Avazov, who is also being prosecuted, is alleged to have traded in GCP shares and spread bets to make a profit of almost £70,000 on the back of the tip-off.
The FCA’s specialist market monitoring systems identified Avazov’s trades as suspicious given the timing and profit and further analysis by the regulator uncovered that Sharipov and Avazov were former colleagues and flatmates.
The case has been sent to Southwark Crown Court.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “We believe that Mr Sharipov took advantage of his position so he and his friend Mr Avazov could benefit through committing crime and gaming the system.
“The integrity and cleanliness of our markets rely on trust. It is right that this case is heard by the courts.”
