Management consultant Rupinder Sidhu has been found guilty of 22 counts of insider dealing and was sentenced to two years in prison by a London court Thursday.
The Financial Services Authority said Sidhu, with Anjam Ahmad, an ex-hedge fund trader and risk manager at AKO Capital, engaged in insider dealing in 18 UK and European shares between May and August of 2009.
Sidhu embarked on a sophisticated scheme which was designed to enable him to profit from exploiting confidential price sensitive information, said Tracey McDermott, the acting director of enforcement and financial crime at the FSA.
Sidhu made a profit of around 524,000 pounds, the FSA said, by placing spread bets in relation to those securities.
You are greedy. Sheer greed is behind all these offences, said Judge Gledhill QC.
Sidhu was found not guilty of one other count of insider trading.
Ahmad was sentenced to 10 months in prison last year, suspended for two years, and was fined 50,000 pounds.
The case is the latest successful prosecution for insider dealing brought by the FSA, which has stepped up its crackdown on the practice in the last two years.
(Reporting by Yeganeh Torbati; Edited by David Jones and Jon Loades-Carter)