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Friday, 26 March 2010

Iraj Parvizi, 44, of Romford-based Aria Capital, was taken ill soon after being arrested.

Iraj Parvizi, 44, of Romford-based Aria Capital, was taken ill soon after being arrested. Officers from the FSA and Serious Organised Crime Agency have so far been unable to interview him in relation to their probe into an alleged insider trading ring, according to a source close to the situation.
The reason for Mr Parvizi's hospitalisation is unknown. He was one of six men arrested by the FSA and SOCA in series of raids of 16 addresses in and around London on Tuesday. A seventh man, Ben Anderson, a former stockbroker, was arrested on Wednesday on his return from the Caribbean.
Leading banks BNP Paribas and Deutsche Bank have been drawn into the case, along with hedge fund Moore Capital, and boutique London broker Novum Securities. All the institutions have confirmed they are co-operating with the investigation.
Clive Roberts, head of sales trading at Exane, in which BNP Paribas owns a 50pc stake but has minority voting rights; Martyn Dodgson, a Deutsche Bank managing director who was part of the team assisting the UK Treasury in last year's bank bail-outs; Julian Rifat, a Moore Capital execution trader; and Graeme Shelley a Novum Securities trader, have all been identified in connection with the investigation and are understood to have already been questioned by the authorities.
Nearly 150 FSA staff were involved in Tuesday's arrests, which were supported by SOCA officers, in a move that has sent shockwaves throughout the City.
The arrests followed a more than two-year investigation into what has been described as a "sophisticated and long-running insider dealing ring".

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