When the Serious Organised Crime Agency (SOCA) was set up four years ago this month, few City bankers would have thought an organisation founded as Britain's answer to the FBI would ever coming knocking on their doors.
But two weeks ago, at 5.30am, that is exactly what SOCA agents did in a series of co-ordinated raids in and around London with the Financial Services Authority (FSA). Their target: an alleged insider-trading ring.
A day later a former City trader was arrested by SOCA officers at Gatwick airport after getting off a flight from the Caribbean. The probe has now drawn in employees of some of the City's leading institutions.
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