In the UK, insider trading prosecutions are pretty rare. Indeed, there had never even been a criminal insider trading case in the UK until 2009, and to date there have only been a total of about two dozen criminal convictions for insider trading in the UK.
Pardip Saini is one of the few UK defendants who has actually been convicted and sent to prison for insider trading. In 2012, Saini was convicted and sentenced to three and a half years in prison for trading in shares of certain companies based on inside information he received from employees who worked in the print rooms at JPMorgan Cazenove and UBS, the FT reports. Saini was also ordered to pay back £465,000 in ill-gotten gains from his trading.
Saini was released from prison in 2014 after serving most of his sentence, but his luck turned bad again this week when he was sentenced to an additional 528 days in prison for failing to repay £222,047 of this £465,000 by the court-imposed deadline of March 12, 2015. According to the FT, Saini is the first person ever to be successfully prosecuted by the UK's Financial Conduct Authority for failing to pay back the proceeds of their crime. Georgina Philippou, the FCA's acting director of enforcement and market oversight, stated this week following the sentence that "individuals should not be able to benefit from their crimes and today’s outcome should serve as a warning to those considering committing insider dealing.”
The FCA also stated that Saini will remain the subject of a "restraint order" obtained by the regulator in August 2008 that "restrains all assets, wherever they are located, in which he has an interest" until Saini repays the £465,000 confiscation Order.