Southwark Crown Court has ordered a former senior investment banker and his wife to repay a total of £1.5m after they were convicted of insider dealing.
The court issued confiscation orders against Christian Littlewood and Angie Littlewood this week, who were ordered to pay £767,000 each.
In a case brought by the FSA, the Littlewoods and a third defendant, Helmy Omar Sa’aid, were convicted of insider dealing in eight stocks, making a total profit of £590,000. The total amount confiscated in this case, including a previous order of £640,000 against Sa’aid, totals £2.2m.
Christian Littlewood, his wife and family friend Sa’aid pleaded guilty on 8 October 2010 to eight counts of insider dealing related to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2008.
Christian Littlewood was sentenced to three years and four months in custody. Angie Littlewood was sentenced to a year in custody, suspended for two years while Sa’aid was sentenced to two years in custody.
FSA director of enforcement and financial crime Tracey McDermott says: “The Littlewoods have paid a sum in confiscation significantly greater than the profit from the indicted trading alone. The orders should make it clear that insider dealing does not pay.”