Iron Keys, Swiss Cheese and Spreadsheets: Untangling the Biggest Insider Dealing Case in Britain

The FCA and its predecessor spent nearly nine years chasing Operation Tabernula

by Marion Dakers

“We felt the light at the end of the tunnel could have been the train,” said Sam Khan, the lead investigator on the Operation Tabernula cases, recalling the tense nine days waiting for the jury to return their verdicts.

The insider trading ring that the Financial Conduct Authority uncovered took nine years to bring to court, in an investigation that amassed a paper trail of more than 10 million documents stretching as far as New Zealand and the Caribbean.

The verdicts at Southwark Crown Court last week closed the biggest chapter in the sprawling investigation, named after the Latin for “little pub” in a nod to the City watering holes where some of the participants met to trade wads of cash and share tips.

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