The case against King, a finance director, and McFall, a lawyer was brought by the FSA .
Director of enforcement and financial crime Margaret Cole says: “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 the Judge discharged the jury from considering the case against him midway through proceedings, for personal reasons.
Given the verdicts against McFall, the FSA has offered no evidence against Rimmington and not guilty verdicts have been entered in respect of him.