FSA secure first insider dealing conviction since inception
The Financial Services Authority is tonight celebrating its first ever insider dealing conviction since its foundation in 1997. Insider dealing has been something of a nightmare topic for UK regulatory authorities over the years as it is very difficult to prove beyond reasonable doubt. However, a solicitor and his father-in-law were today found guilty of passing and receiving confidential information which was used to acquire shares and create a profit approaching £50,000.
The two gentlemen involved will find their fate on 30 March as they now face up to 7 years in jail for the offence of passing and receiving inside information. It would appear that the FSA's conduct of insider dealing investigations has been tightened somewhat as there are believed to be a further three cases awaiting court in the short term.
While the authorities have suspected insider dealing has been rife for many years there are hopes that the first criminal convictions will at the very least make potential insider dealers of the future think again. This is one of the most difficult crimes to prove as there are often many parties involved and information is often passed very discreetly. It would appear from this situation that the FSA found suspicious dealing patterns during a routine review of share trading in this particular company and took their suspicions further.
Share this..
Related stories
Would a Conservative government help the economy?
As news that another cabinet minister has resigned from the UK government hits the headlines, many people are now looking towards the next government with the likelihood we could see a return of the Conservative party. While this is by no means a guaranteed result at the next general election, infighting within the Labour Party has ripped the government apart. So would a Conservative government be...
Read MoreHow much does Kraft Foods really want Cadbury?
As Cadbury shares broke through the eight pound barrier today, on expectations of a bidding war for the company, many analysts are now wondering how much Kraft Foods really wants Cadbury. There is growing speculation regarding the company with renewed rumours of a potential bidder from smaller US outfit Hershey. However, there is no doubt that Kraft Foods has the firepower and the finance to blow...
Read MoreHow Inflation Could Erode Your Savings
Today's news that year on year inflation has risen to 4.4% and looks set to hit 5% in the later part of 2008 does not bode well for the legion of savers in the UK. This dying breed of careful savers will soon be hit with a worrying scenario, the fact that rates available on their savings will be less than inflation and result in their spending power being reduced in real terms.
Whe...
Lloyds bank looking to pull out of government asset protection scheme
Lloyds bank is today in talks with Treasury ministers and FSA regulators as the company looks to withdraw or reduce its proposed exposure to the government asset protection scheme. This is the scheme which would see Lloyds bank insure £260 billion of risky debt which is currently untradeable, therefore reducing any further downside in the short term. However, the company has been struggling to ra...
Read MoreMoney saving ideas which may keep you out of trouble
Quite literally every person in the UK has had to reassess their lifestyle and cost of living over the last few months as the economy continues to fall and incomes come under more and more pressure. But there are money-saving ideas out there, many which are very simple to put into practice, which can save you substantial amounts in the longer term. Some of the more popular money-saving ideas inclu...
Read More