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Former equities trader at Louis Bacon’s hedge fund, Moore Capital had also previously pleaded guilty to insider trading

Richard Baldwin, 53, was convicted of dealing in criminal property in 2017 but reporting restrictions meant his conviction could not be reported until now, the Financial Conduct Authority said in a statement on Thursday.

He is the sixth man to be convicted as part of Operation Tabernula, the UK financial regulator’s biggest insider-trading investigation to date.

The three-year insider-trading conspiracy used military-grade encryption devices with passwords named after sports cars, pay-as-you-go mobile phones, Panamanian bank accounts and cash payments for holidays and luxury watches to cover their tracks. 

Three other men embroiled in Operation Tabernula — including Julian Rifat, a former equities trader at Louis Bacon’s hedge fund, Moore Capital — previously pleaded guilty to insider trading.

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