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Two Pals Guilty of Market Abuse

11th Jan 2010 | Sean Rushforth

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Robin Chhabra and Sameer Patel are set for a ban and fine after being found guilty of market abuse. The pair used confidential information to make quick profits through spread betting.

Robin Chhabra gained insider information while working at Evolution he then passed this information on to Samer Patel who placed spread bets based on the information he had received. The information Chhabra passed on helped his pal net £85,000 in profit.

The original offenses date back to 2004. The FSA will make a decision as to whether they fine, ban the pair from working in the financial services industry or both at a later hearing.

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