A former senior execution trader at Moore Capital Management has become the third individual to plead guilty to insider dealing offences arising out of Operation Tabernula, the Financial Conduct Authority’s largest and most complex insider dealing investigation.

A former senior execution trader at Moore Capital Management has become the third individual to plead guilty to insider dealing offences arising out of Operation Tabernula, the Financial Conduct Authority’s largest and most complex insider dealing investigation. Profits from the dealing exceeded £250,000 ($397,400).   

Julian Rifat pleaded guilty to an indictment reflecting eight instances of insider dealing last Friday, the FCA said in a statement. He will be sentenced in the New Year.

Tracey McDermott, the FCA’s director of enforcement and financial crime, said the regulator was committed to undertaking the painstaking analytical work which is required to bring these cases to court.

“In this case measures were taken by those involved to conceal their activities – this included communicating via unregistered Pay As You Go mobile telephones and the diversion of trading profits to third parties. The guilty plea today is a reflection of our capability and determination to tackle these challenging and complex cases,” she said.

The FCA said that Rifat admitted passing inside information to Graeme Shelley, who then traded for their joint benefit.

Earlier this year, Shelley, previously a broker at Novum Securities, pleaded guilty to insider dealing with Rifat and with another associate Paul Milsom. Milsom, an execution trader at Legal and General Insurance Management, pleaded guilty to insider dealing and was sentenced in 2013.