A man has been arrested by the City of London Police Economic Crime Directorate on suspicion of money laundering and providing false information after his actions were scrutinised by the Financial Services Authority (FSA).
Ongoing FSA investigations
into the man's working practices revealed that he may be involved in insider dealing and he has now become the seventh person to be arrested in this case over the last year. The professional, who is 64 years old, has since been released on bail pending further enquiries.
As part of the legal process, a property in the London area of Potters Bar was also searched, but, according to a statement by the regulatory body, "no further details can be confirmed at this time" as the investigation continues.
The FSA - which acts as a watchdog over all financial institutions in the UK - recently banned an ex-insurance company owner from practicing for life after an enquiry revealed his incompetence.
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Posted by Daniel Stevens