The jury found that former Daily Mirror financial journalist James Hipwell and private investor Terry Shepherd conspired together with Anil Bhoyrul a former Daily Mirror financial journalist to use the City Slickers column to boost the value of their investments between August 1999 and February 2000.
Competition Minister Gerry Sutcliffe said:
"Today's verdict should send out a clear message that the Government will take action against those who break the law for their own financial gain. The DTI is committed to establishing and maintaining fair markets."
Terry Shepherd, a former day-trader who was in regular contact with Hipwell and Bhoyrul benefited from the 'tips' they featured in the column. He encouraged and assisted their activities by publishing advance notice of the tips on internet bulletin boards and, in the latter days, contributed ideas for tips.
Anil Bhoyrul pleaded guilty to the conspiracy on 11 August 2005, but Court restrictions prevented that plea being reported until today. Hipwell and Shepherd denied the charges against them.
The investigation began in January 2000 when the London Stock Exchange alerted the DTI's Companies Investigation Branch to a 'very significant rise' in the shares of Viglen Technology plc. The Secretary of State duly appointed inspectors to ascertain whether there may have been a contravention of the insider dealing legislation.
As a result of their findings, a criminal investigation was undertaken by Investigation Officers of the DTI Investigation Officers Section. They discovered a pattern of "purchase, tip and sale" of shares and evidence of an agreement between the Bhoyrul, Hipwell and Shepherd to use the City Slickers column to manipulate the market.
Between August 1999 and February 2000, James Hipwell made more than £40,000, Anil Bhoyrul around £14,000 and Terry Shepherd made around £17,000.
Sentencing will take place after the 17th January.
