The Financial Conduct Authority (FCA) continues to demonstrate its commitment to tackling misconduct within the financial services sector with the announcement that a former equities trader has been charged with insider dealing.
The trader, who worked at Schroders Investment Management Limited, faces nine counts of insider dealing, contrary to Section 52(1) of the Criminal Justice Act 1993.
The offences relate to trading in shares and spread bets between 30th October 2003 and 28th November 2012. He has currently been bailed to attend City of Westminster Magistrates Court at the beginning of July 2014.
Insider dealing is defined by the FCA as occurring “when an insider deals, or tries to deal, on the basis of inside information. Improper disclosure and misuse of information are kinds of insider dealing”
The FCA is given its powers to investigate and prosecute insider dealing by the Financial Services and Markets Act 2000. Together with its predecessor, the Financial Services Authority, it has already secured 24 convictions in relation to insider dealing between 2009 and 2014. In addition, the FCA has confirmed that it is currently prosecuting seven other individuals for similar offences.
Insider dealing investigations and prosecutions are difficult and complex affairs, but at Lewis Nedas we have over thirty years’ experience in dealing with regulators and prosecuting authorities, and have unrivalled success when defending white collar crime.
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This blog post is intended as a news item only – no connection between Lewis Nedas and the parties concerned is intended or implied.