Former Mizuho International investment banker Thomas Ammann has been sentenced to 2 years and 8 months imprisonment for two counts of insider dealing and two counts of encouraging insider dealing.
The charges relate to a period between late 2008 and 2009 when Mizuho was advising technology company Canon on its acquisition of Océ, a medium-sized Dutch company making photocopiers, scanners, related software and accessories.
The FSA says by virtue of his employment at Mizuho, Ammann had access to inside price sensitive information relating to the takeover.
Rather than dealing in his own name, Ammann encouraged two women, Christina Weckwerth and Jessica Mang, to buy shares of Océ prior to the acquisition being announced.
Following the announcement of the acquisition the women sold their shares for a profit, which they then shared with Ammann.
In November of this year, a jury found that both women were not jointly involved with Mr Ammann and his insider trading.
The FSA says Ammann made several hundred thousand pounds as a result of his offending.
FSA director of enforcement and financial crime Tracey McDermott says: “At the time of his arrest Ammann was an FSA approved person with privileged access to inside information. He sought to exploit that position to make easy money.
“This sort of behaviour by city professionals not only brings the individual into disrepute but also damages the reputation and standing of the financial services industry as a whole.
“We are determined to stamp this out. Today’s sentence should serve as a clear warning of the consequences to anyone who might be tempted to follow Ammann’s example.”