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The Financial Services Authority (FSA) has charged Thomas Ammann, an investment banker, with three counts of insider dealing contrary to section 52 of the Criminal Justice Act 1993. Christina Weckwerth, who lives in Germany, has been charged with two counts of insider dealing contrary to section 52 of the Criminal Justice Act 1993, and Jessica Mang, has been charged with one count of insider dealing contrary to section 52 of the Criminal Justice Act 1993.
Ammann and Weckwerth have also been charged with one count of money laundering contrary to s327 of the Proceeds of Crime Act 2002. Additionally, Ammann has been charged with two counts of encouraging insider dealing, contrary to section 52(2)(a) of The Criminal Justice Act 1993.
All three have been bailed to attend City of Westminster Magistrates Court on 23 August 2011.
The offences relate to trading in shares between February 2009 and November 2009 of Océ NV.
The charges follow on from the arrests of Ammann and Mang on 2 November 2010.
Background
- The FSA has so far secured 10 convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa'aid on 10 January 2011. Details of each case are available on the FSA website.
- The FSA is currently prosecuting 13 other individuals for insider dealing:
Name Trial date Rupinder Sidhu Trial commencing 28 November 2011 Bijal Shah Trial commencing 13 February 2012 Truptesh Patel Trial commencing 13 February 2012 Paresh Shah Trial commencing 13 February 2012 Mitesh Shah Trial commencing 13 February 2012 Neten Shah Trial commencing 13 February 2012 Ali Mustafa Trial commencing 13 February 2012 Pardip Saini Trial commencing 13 February 2012 James Paul Sanders Trial commencing 16 April 2012 Miranda Sanders Trial commencing 16 April 2012 Christopher Hossain Trial commencing 16 April 2012 James Swallow Trial commencing 16 April 2012 Adam Buck Trial commencing 16 April 2012 - The Financial Services and Markets Act 2000 gives the FSA powers to investigate and prosecute insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FSA’s market abuse hotline on 020 7066 4900.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
