These persons were convicted of making a combined profit of 732,044.59 British pound on trading between May 1, 2006 and May 31, 2008, the Financial Conduct Authority (FCA) said.
A case brought by the FCA and heard at Southwark Crown Court Confiscation Orders (the Orders) totalling 3.25 million British pounds were made by the judge between September 10-15, 2014 against Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah, Truptesh Patel and Richard Joseph, the regulator said.
Besides, Richard Joseph was sentenced to four years imprisonment for Insider Dealing offences. His trading resulted in a net profit of 591,117 British pounds on trading between September 2007 and July 2008.
The total amount confiscated exceeds the profits generated as a result of the application of the confiscation regime which allows the court, in appropriate cases, to assume that the profits from other trading that took place within the same period represent the proceeds of crime.
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Tracey McDermott, director of Enforcement and Financial Crime said: "These individuals engaged in a sophisticated scheme to try and make easy money by exploiting inside information. As a result they have not only lost their liberty, their livelihoods and their reputations but they have also now been ordered to pay significant sums in confiscation."
The British regulator has previously also secured convictions in relation to insider dealing against persons of Indian origin, while it is currently prosecuting eight other individuals for insider dealing.