Release Date: 30th March 2015

To access the original FCA document, click here.

Summary

The Financial Conduct Authority (FCA) has fined Kenneth Carver £35,212 for insider dealing. Carver, a retired accountant, bought 62,000 shares in Logica Plc based on inside information from Ryan Willmott, a family friend employed at Logica. Following the public announcement of a takeover bid by CGI Inc., Carver sold the shares, making a profit of £24,206.70. The fine reflects his cooperation and financial hardship, reducing it from an initial £122,212.

Key Points:

Misconduct Details:

FCA’s Position:

Georgina Philippou, acting director of enforcement and market oversight, emphasised that market abuse is a serious offence. The FCA’s actions demonstrate their commitment to taking swift action against individuals who engage in insider dealing to protect market integrity.

Key Takeaways for Other Firms:

Conclusion:

This case underscores the FCA’s commitment to ensuring fair and transparent markets. Firms and individuals must adhere to ethical trading practices and avoid using inside information for personal gain to maintain market integrity and avoid significant penalties.

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