British trader Iraj Parvizi admitted at the trial on the case of insider trading, was speaking with journalists at the Financial Times and the Daily Mail to try and find out from them what they will be writing the next day. About it reports Bloomberg.
During the hearing Parvizi told the jury that the most successful strategy was that he called his sources in the British Newspapers and tried to figure out what they are working on.
“It works like this: I need information, they need information — explained Parvizi on the first day of the trial, If I buy shares today and tomorrow the Daily Mail something to write, they can jump to 2-5%”.
The trader noted that from the conversations of journalists and the fact that they asked, it became clear what they were going to write.
Among his closest sources Parvizi called, in particular, journalists of the Financial Times Paul Murphy and Neil Hume and Daily Mail reporter Geoff foster.
The case against Parvizi and four traders, including the former managing Director of Deutsche Bank, Martin Dodgson, and krupnym is the most difficult process about insider trading in the UK.