On July 23, the FSA published a press release announcing that six people have been convicted of offences of disclosure of inside information and dealing whilst in possession of confidential and price sensitive information in respect of six companies’ stocks. A seventh defendant, was acquitted of insider dealing. Press Release.

Between May 2006 and May 2008, the defendants obtained confidential and price-sensitive information from investment banks concerning proposed or forthcoming takeover bids. They then used this information to place spread bets ahead of those announcements knowing that when the information became public knowledge the price would rise. The defendants made a combined profit of £732,044.59. This was the longest and most complex prosecution brought by the FSA to date. On July 27, the six defendants were sentenced to jail for a total of 16 years.