Andrew King, a finance director, and Michael McFall, a lawyer, were today acquitted of insider dealing.
The case was brought by the Financial Services Authority (FSA) and heard at the Southwark Crown Court.
Margaret Cole, director of enforcement and financial crime at the FSA, said:
“Insider dealing cases are challenging to prove, but these were serious charges and we considered that the evidence provided a proper basis to put the case before a jury for them to decide. Criminal prosecutions are integral to the FSA’s long term strategy of delivering credible deterrence and combating insider dealing.
“We remain 100 per cent committed to the strategy of achieving credible deterrence. Bringing criminal prosecutions sends a message, loud and clear, that insider dealing is a serious crime and we are not afraid to pursue cases through the criminal courts.”
Andrew Rimmington was also on trial on the same charges but Judge Testar discharged the jury from considering the case against him midway through proceedings, for personal reasons. Given the verdicts against Mr McFall, the FSA has offered no evidence against Mr Rimmington and not guilty verdicts have been entered in respect of him.