UK Regulators Sue 3 Individuals for Insider Trading
The Financial Services Authority (FSA) has charged an investment banker with insider trading, as well as two others.
Thomas Ammann has been charged with three counts of insider trading, after having violated section 52 of the Criminal Justice Act 1993. Christina Weckwerth, who lives in Germany, was similarly charged with two counts of insider trading, and Jessica Mang, with one count.
The charges were filed following the same punitive action taken by the US Securities and Exchange Commission against three executives of a pharma company who illegally raised approximately $20 million from their sale of the firm’s shares while knowing that misrepresentations were being made about the regulatory status of SF-1019.
The FSA has so far convicted ten individuals in relation to insider trading. Since 2009, the FSA filed insider trading charges against Christopher McQuoid and James William Melbourne; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa’aid on 10 January 2011.
The FSA is currently prosecuting 13 other individuals for insider dealing.
The Financial Services and Markets Act 2000 gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
Ammann and Weckwerth have also been charged with one count of money laundering that violated section 327 of the Proceeds of Crime Act 2002. Additionally, Ammann has been charged with two counts of encouraging insider dealing, contrary to section 52(2)(a) of The Criminal Justice Act 1993.
All three have been bailed to attend City of Westminster Magistrates Court on August 23, 2011.
The offences relate to trading in shares between February 2009 and November 2009 of Océ NV.
The charges follow on from the arrests of Ammann and Mang on 2 November 2010.