Former Belgo boss admits leaking price sensitive information
Former multimillionaire Tim Power has admitted leaking price sensitive information about the sale of the Belgo restaurant chain which resulted in a rise in the share price of suitor Lonsdale Holdings. During what investigators claim was revenge by a love rival, a lengthy investigation by the former Department of Trade and Industry has resulted in one of very few successful "inside dealing" prosecutions of the last 20 years. So what will happen to the one time multimillionaire?
Having served almost 6 months in jail the judge in the trial has informed the defendant that he will not face a jail sentence when sentenced later this month, much to the anger of city regulators and the UK government. Insider trading is one of the most difficult criminal prosecutions to prove and the fact that the defendant has admitted various illegal activities yet still escaped a jail sentence is something of a mystery to many.
Insider trading laws are very complex, often difficult to prove in specific prosecutions and many regulators and city officials believe that traditional jury members may well be ill-equipped for such cases. It is common knowledge that insider dealing has happened and continues to happen on a regular basis within the City although there is no doubt that progress has been made and instances of insider trading have diminished over the years.
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