Moore Capital trader Julian Rifat was one of seven people arrested last week in connection with an insider dealing ring.

He has instructed Stephen Pollard of law firm Kingsley Napely, a high flying City criminal lawyer. Pollard’s most famous role was defending former Barings Bank trader Nick Leeson in 1995. Rifat will be hoping for slightly better outcome than befell Leeson who was sentenced to six-and-a-half years in Changi prison for the downfall of Barings Bank.

As other details emerged concerning the insider arrests, there was rather embarrassing news for the Treasury. Among the figures arrested was Deutsche Bank managing director Martyn Dodgson. Last year Dodgson advised HM Treasury on a capital raising initiative for Lloyds Banking Group.