On 20 June 2012, the FSA announced that three individuals with links to Blue Index Ltd, a contract for difference brokerage, had been sentenced for insider dealing. James Sanders, a director of Blue Index, was sentenced to four years in custody and disqualified as a director for five years. This is the longest sentence imposed for insider dealing in recent years. FSA Press Release.

Miranda Sanders, James Sanders’ wife, was sentenced to ten months in custody. This is evidence of the UK’s tough stance on insider dealing and shows that spouses who actively participate in insider dealer cannot expect leniency even if they have young children.

James Swallow, another director of Blue Index, was also sentenced to ten months in custody. The U.S. Department of Justice and the SEC worked alongside the FSA to ensure a successful joined up investigation.