atans1

The truth about inside info and stock markets

In Uncategorized on 08/04/2016 at 5:26 am

Here are extracts from FT  of the testimony of someone charged with insider trading.

Mr Parvizi, with four other defendants, ‎is accused by the UK Financial Conduct Authority of a single count of insider trading following its most complex probe, known as Tabernula, Latin for little pub after the investigation’s code name.

….

He would never, however, ask his network of sources made up of brokers, fellow traders and journalists, including two from the Financial Times, whether a tip was true but would rather use his “gut feeling”.

“In the stock market you never know if you are being told the truth or not,” Mr Parvizi, 50, told the jury. “In a very high percentage of cases I think it’s not true.”

His lawyer asked Mr Parvizi if he ever questioned Mr Hind on where he was getting his information.

“Never. It’s not a written rule, but you would never ask. You assume it’s a lie and you can do your own research,” Mr Parvizi said. “The whole stock market is built on lies.”

 

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