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A former hedge fund trader pleaded guilty to insider dealing yesterday in a landmark deal under which he may testify against his suspected co-conspirators, if they are charged, in the hope of receiving a lighter sentence.
Anjam Ahmad, 39, who worked at AKO Capital, is the first person to strike a plea deal with the Financial Services Authority in a case of this kind. He has admitted one count of conspiracy to commit insider dealing, relating to transactions in the shares of 22 companies.
Ahmad, who previously worked at Citigroup, has agreed to become a co-operating defendant and will assist the FSA with its investigation and any subsequent prosecutions. He was arrested in January along with two other men whom the FSA is still investigating.
Ahmad and the regulator declined to comment.