Lawyers committed to stand trial for insider dealing
The FSA is trying to shake off its pee-wee image and flex its muscles after months of criticism over it’s role in the financial crisis…
A couple of lawyers have given the regulator an opportunity to show that it is boosting its efforts against market abuse in what will be the fifth insider dealing criminal prosecution to be brought by the FSA in 18 months.
Former McDermott Will & Emery partner Michael McFall and former Dorsey & Whitney partner Andrew Rimmington, have been committed to stand trial for insider dealing. The charges which were brought by the FSA earlier this year relate to the takeover of Neutec Pharma PLC in June 2006 by Swiss drugsmaker Novartis AG.
Neutec’s finance director, Peter King, will also stand trial. The FSA accused him of disclosing information relating to the proposed takeover to McFall who was charged with acting on that information to buy shares in the company and disclosing the information to Rimmington who also bought shares on the basis of the inside information.
A case management hearing will be held at Southwark Crown Court on 28 October.
Scandal in the City
FD, Lawyers In UK Trial For Insider Dealing On Novartis Deal [WSJ]
September 23, 2009
with the way a lot of deal rooms leaked during the boom five charges in the last year and a half isn’t likely to even scratch the surface