Naughty, naughty!
Far be it for TS to take the moral high ground, given its past misdemeanours, but we were genuinely shocked at the actions of former PwC audit manager Arif Mohammed.
Yesterday he was fined £10,000 by the FSA for making money from inside knowledge obtained as the company’s auditor. He bought 15,000 shares in Delta, knowing full well that the company was about to sell its electrical division, making a tidy profit of £3,750 by selling up the day after the disposal.
Of course there’s no such thing as easy money, given that he’s now £6,250 down on the deal. Perhaps he should try betting on the gee-gees instead, the losses there are usually a bit more manageable.