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FSA insider dealing duo case get 8-month prison sentence

A solicitor and his father-in-law have both been sentenced to eight months in prison after being found guilty for insider dealing.

Mr McQuoid was given an immediate sentence for eight months while his father-in-law, Mr James William Melbourne had his sentence suspended for 12 months.

Passing the sentence at Southwark Crown Court Judge Testar said that insider dealing is a crime which undermines confidence in the integrity of the market and that the public are entitled to be very angry if people in possession of inside information treat it as a licence to print a substantial amount of money.

The FSA is currently prosecuting three other insider dealing criminal cases.

FSA director of enforcement Margaret Cole says: “The Judge’s remarks clearly recognise the serious damage that insider dealing can do to the markets and it is not a victimless crime. It affects us all. The FSA is getting tougher on insider dealing and will not hesitate to take action against people who damage the integrity of our markets.”

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