inside information

FSA Fines Broker for Improper Disclosure

Posted on

On July 9, the FSA issued a final notice, stating that it has imposed a fine of £160,000 (reduced to £30,000 due to his financial circumstances) on Jay Alan Rutland for engaging in the market abuse offence of improper disclosure under section 118(3) of the Financial Services and Markets Act 2000. He had also encouraging others to engage in similar behaviour. Final Notice.

Mr. Rutland was a senior broker at Pacific Continental Securities (UK) Limited. On four occasions, he drafted and supplied sales scripts to brokers to use when selling shares which contained diluted risk warnings and risk factors. He also improperly disclosed inside information to his colleagues. He did not obtain approval from the compliance department and was aware that he should not circulate scripts which had not been approved.

FSA Issues Final Notices to an Investment Banker and His Wife for Insider Dealing

Posted on

On 31 May 2012, the FSA issued Christian Littlewood and his wife, Angie, with final notices prohibiting them from performing any function in relation to any regulated activity. Between 1998 and 2008, Mr. Littlewood was employed by the investment bank Dresdner Kleinwort Wasserstein Ltd. As a result of his employment he had access to inside information relating to securities. Mr. and Mrs. Littlewood used the inside information obtained through his employment to facilitate the placing of trades in eight separate stocks just prior to announcements to the market. As a result of these trades, Mr. and Mrs. Littlewood, together with a third party friend of Mrs. Littlewood (Mr. Sa’aid), made profits of around £590,000.

The FSA’s action follows the conviction of Mr. and Mrs. Littlewood for criminal offences of insider dealing in February 2011. Final Notice for Christian Littlewood. Final Notice for Angie Littlewood.