Andrew King, a finance director, and Michael Mcfall and Andrew Rimmington, both lawyers, appeared today at City of Westminster Magistrates’ Court charged with 8 counts of insider dealing, contrary to section 52 of the Criminal Justice Act 1993.
Andrew King is charged with:
- Disclosing inside information relating to the proposed takeover of Neutec Pharma plc (the "inside information") to Michael McFall, having had that inside information by virtue of being Neutec Pharma plc’s finance director, and disclosing it to Michael McFall other than in the proper performance of his job.
Michael McFall is charged with:
- Disclosing the inside information to Andrew Rimmington; and
- on three separate occasions, acquiring a total of 3955 shares in Neutec Pharma plc on the basis of the inside information.
Andrew Rimmington is charged with:
- on three separate occasions, acquiring a total of 6961 shares in Neutec Pharma plc on the basis of the inside information.
Michael McFall and Andrew Rimmington are charged jointly with:
- acquiring 3012 shares in Neutec Pharma plc on the basis of the inside information.
Proceedings were adjourned until 28 July 2009 when the Magistrates will consider committal to the Crown Court for trial. All three accused were granted unconditional bail.
Background
- This is the fifth insider dealing criminal prosecution to be brought by the Financial Services Authority (FSA) in 18 months.
- Last week, in a separate case Christopher McQuoid, a lawyer had his appeal against an 8 months prison sentence for insider dealing denied by the Lord Chief Justice Igor Judge.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
- The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.