Six arrested in connection with UK insider training

(NBC) - Six men have been arrested in Britain on suspicion of being involved in an insider training ring. Britain's financial service authority, FSA, carried out the operation on Tuesday.

It was the largest operation in the organization's history. A total of 16 addresses across London and the UK have been carried out by 140 FSA investigators.

An FSA spokesperson said six men were arrested on suspicion of being involved in a sophisticated and long running ring. The spokesman said the arrests include two senior city professionals at well-known institutions and one hedge fund financier.

It is believed that city workers passes on inside information to traders both directly and using middlemen, who used the data to cash in on the insider information.

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