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Reports from the United Kingdom indicate that three local bankers have been arrested, and charged with insider trading, based upon information that was released in the Panama Papers. The bankers, who remain unidentified, most likely will face serious charges, as UK prosecution for insider trading of late has been robust, with sentences longer than expected.
Precisely how the Mossack Fonseca offshore corporate formation information released by the ICIJ was responsible for the arrests is not known, but the most likely scenario is that the bankers were identified as Mossack clients, who obtained bearer share companies, or foundations, used to make covert securities purchases and sales. UK law enforcement agencies and regulatory entities reportedly declined to comment on the reports.
Contributed by Kenneth Rijock
Chronicles of Monte Friesner
