ISLAMABAD: In another high profile case of complex white collar crime in the stock market, the Securities and Exchange Commission of Pakistan (SECP) has filed a criminal complaint of insider trading and fraud against a former employee of one of the largest banks in Pakistan.
The accused, Khalid Iqbal, was a senior employee who was then the head of the banks’ capital market operations. He had unrestricted access to the information regarding investment decisions of the bank and also had the authority to make these decisions.
That is, he was an insider and had inside information as defined in the 2015 Securities Act.
Violating the securities law as well as his employer’s investment policy, this rogue employee abused his authority and engaged in trading of certain illiquid shares listed on the Pakistan Stock Exchange. He bought large quantities of these shares at unjustified prices using the money of the bank.
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