View more on these topics

Insider dealers to pay £1.7m in confiscation orders

A Southwark Crown Court judge has issued confiscation orders totalling £1.69m against convicted insider dealers Martyn Dodgson and Andrew Hind.

Dodgson’s order requires him to pay just over £1m and Hind must pay nearly £625,000.

The orders must be paid within three months or Dodgson will face a further seven and a half years in prison and Hind will face a further five and a half years.

Up for the fight: The future of FCA enforcement

The confiscation orders follow Dodgson and Hind being convicted and sentenced in May 2016.

FCA enforcement and market oversight executive director Mark Steward says: “Whilst the defendants went to great lengths in an effort to ensure that their pursuits went undetected, their meticulous record keeping ultimately proved to be their downfall in the confiscation proceedings.”

He says: ”Those records detailed trading in a variety of stocks and the amounts that each was to benefit as a result. This made it far easier for the FCA to demonstrate the full extent of each defendant’s benefit from their criminal conduct.”

Recommended

Magnifying-Glass-And-Text-Kindle-Contract-700x450.jpg
6

FOS penalises adviser over not reviewing Ucis investments

An adviser must compensate a client for failing to monitor the performance of Sipp investments in two unregulated collective investment schemes. A Financial Ombudsman Service decision says Welsh advice firm Sebastian & St James International Financial Advisers is responsible for the reduction in the client’s pension. In October 2011 the client, Mr P, met an […]

tick
1

Adviser satisfaction with DFMs falls

Adviser satisfaction ratings with discretionary fund managers have dropped in the latest index from Defaqto. The consultancy asked advisers to rate discretionary fund managers across 14 categories in relation to their importance. The survey showed that investment flexibility was most important for advisers, in terms of range of assets and range of options. Quality of […]

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment