Former Moore Capital trader admits insider dealing A former hedge fund trader at Moore Capital has pleaded guilty to insider dealing after passing on information for trades that generated £250,000 in profits. Julian Rifat is the third person to admit guilt in the Financial Conduct Authority's biggest ever investigation into insider trading rings, code-named Operation Tabernula. He was arrested in 2010 and charged earlier this year. The FCA said Rifat passed on price-sensitive information to Graeme Shelley, a former broker at Novum who pleaded guilty earlier this year, who then placed trades to benefit both of them.Rifat will be sentenced in the new year. "In this case measures were taken by those involved to conceal their activities - this included communicating via unregistered Pay As You Go mobile telephones and the diversion of trading profits to third parties," said Tracey McDermott, the FCA's director of enforcement and financial crime. The guilty plea today is a reflection of our capability and determination to tackle these challenging and complex cases. Shelley also admitted to dealing with Paul Milsom, an execution trader at Legal and General Insurance Management, who pleaded guilty to insider dealing and was jailed for two years in 2013.