The Financial Services Authoroty has charged five individuals - including a husband and wife - with 17 counts of insider dealing, following a number of arrests in May 2009.

The individuals include two former directors and one former senior director at contract for difference brokerage (CFD) Blue Index.

James Sanders, co-owner and director at Blue Index, and wife Miranda Sanders were jointly charged with seven offences of insider dealing 'relating to trading ahead of seven separate takeover announcements'. Sanders has been separately charged with three offences of disclosing inside information.

Together with Christopher Hossain, a senior trader at Blue Index, Sanders has also been charged with offences of encouraging clients of the firm to trade CFDs in relation to two stocks.

Christopher Hossain was also charged with the further offence of insider dealing ahead of a takeover announcement.

James Swallow, co-owner and a director of Blue Index was charged with three offences of insider dealing relating to his trading ahead of three separate takeover announcements.

Adam Buck, a former employee of Blue Index and close associate of Sanders, was charged with one offence of insider dealing relating to his trading ahead of a takeover announcement.

The offences are all alleged to have taken place between October 2006 and February 2008.

All five have been bailed by City of London Police to appear at City of Westminster Magistrates Court on 20 December 2010. At the time of the arrests in May 2009, the FSA took action to prevent Blue Index from continuing to trade.