AGL 38.80 Increased By ▲ 0.65 (1.7%)
AIRLINK 129.10 Increased By ▲ 4.03 (3.22%)
BOP 7.13 Increased By ▲ 0.28 (4.09%)
CNERGY 4.58 Increased By ▲ 0.13 (2.92%)
DCL 8.26 Increased By ▲ 0.35 (4.42%)
DFML 38.71 Increased By ▲ 1.37 (3.67%)
DGKC 79.85 Increased By ▲ 2.08 (2.67%)
FCCL 32.24 Increased By ▲ 1.66 (5.43%)
FFBL 72.89 Increased By ▲ 4.03 (5.85%)
FFL 12.30 Increased By ▲ 0.44 (3.71%)
HUBC 109.01 Increased By ▲ 4.51 (4.32%)
HUMNL 14.00 Increased By ▲ 0.51 (3.78%)
KEL 4.92 Increased By ▲ 0.27 (5.81%)
KOSM 7.59 Increased By ▲ 0.42 (5.86%)
MLCF 37.50 Increased By ▲ 1.06 (2.91%)
NBP 70.02 Increased By ▲ 4.10 (6.22%)
OGDC 187.00 Increased By ▲ 7.47 (4.16%)
PAEL 25.00 Increased By ▲ 0.57 (2.33%)
PIBTL 7.36 Increased By ▲ 0.21 (2.94%)
PPL 150.30 Increased By ▲ 6.60 (4.59%)
PRL 25.00 Increased By ▲ 0.68 (2.8%)
PTC 17.21 Increased By ▲ 0.81 (4.94%)
SEARL 80.90 Increased By ▲ 2.33 (2.97%)
TELE 7.50 Increased By ▲ 0.28 (3.88%)
TOMCL 33.30 Increased By ▲ 1.33 (4.16%)
TPLP 8.40 Increased By ▲ 0.27 (3.32%)
TREET 16.63 Increased By ▲ 0.50 (3.1%)
TRG 56.19 Increased By ▲ 1.53 (2.8%)
UNITY 28.00 Increased By ▲ 0.50 (1.82%)
WTL 1.33 Increased By ▲ 0.04 (3.1%)
BR100 10,458 Increased By 368.3 (3.65%)
BR30 30,755 Increased By 1245.8 (4.22%)
KSE100 97,869 Increased By 3294.4 (3.48%)
KSE30 30,504 Increased By 1059.4 (3.6%)

A UK court sentenced a man to jail for 27 months for insider trading in shares of the waste company he worked for, the latest victory in a campaign against the practice by Britain's financial watchdog. The prison term, half of which was suspended, was the longest to date for insider dealing in Britain.
Britain's Financial Service Authority (FSA), blamed for failing to curb market abuse in the wake of Britain's worst financial crisis, has redoubled its efforts to clamp down on insider dealing, with 10 criminal convictions secured so far and 12 trials still pending.
Earlier this month, the FSA claimed its highest profile victory when a former Dresdner banker and his Singaporean wife pleaded guilty to being members of a nine-year insider dealing scam. Manufacturing manager Neil Rollins wept as judge James Wadsworth handed out the sentence in a London court.
"You sold when you knew it was folly to buy. Every pound you saved was a pound someone else spent," Wadsworth said. "By selling early you broke the trust of your employer, you broke the trust owed to the market." Rollins, 46, who worked at PM Onboard Ltd, a refuse truck maker later taken over by Vishay, had already been found guilty of insider dealing and money laundering by Southwark Crown Court in November.
It was the first time a court allowed the FSA to prosecute somebody for money laundering. In August 2006, Rollins became aware of PM Group's worsening financial situation and sold his entire shareholding during a closed period, to preserve his pension fund. He also persuaded his wife his wife to sell her shares, the FSA said.
When the group announced poor results on September 19, its share price plunged 17 percent, which would have amounted to a loss of about 45,000 pounds ($71,550) for Rollins. With the share price still falling on the second day, the couple avoided a total loss of 75,000 pounds, the FSA said. Rollins will serve at least 13 and a half months in jail and was ordered to pay almost 200,000 pounds in confiscation.
"There is a growing will not only by the FSA to dispel the previous view held by some in the City that the FSA was "a light touch regulator" but also by the public to make examples of such people," Abbas Lakha, a lawyer who has been advising in several insider dealing cases, said.

Copyright Reuters, 2011

Comments

Comments are closed.