Two friends accused of insider trading for a long city watchdog in operation Tabernula probe has been ordered to pay £1.69 m or face more time in prison.
The order comes two years after the former German corporate Bank broker and Lehman brothers banker Martin Dodgson, who advised the Treasury during the financial crisis, it was awarded four and a half years in prison for his role in the insider trading ring. His friend Andrew hind was sentenced to three and a half years.
The office of financial regulation and supervision (FCA), who revealed the conspiracy through £14m of the investigation, known as operation Tabernula, said Mr. Dodgson now has three months to pay £1.1 m or he’s waiting another seven and a half years in prison.
Accountant, Mr. hind, who was the financial Director of topshop in the nineties, has to pay £624,521 or he’s waiting another five and a half years in prison.
“Mr. Dodgson and Mr. hind have hatched an ambitious plan to make significant illegal profits for themselves. They were driven by greed and self-interest, but by their actions they have lost their freedom, their livelihood and their reputation,” – said the Executive Director of the FCA Executive, Mark Butler.
Mr. Dodgson was accused of using his senior positions in Morgan Stanley, “Lehman brothers” and “Deutsche Bank” in the period between 2006 and 2010, to go inside to his close friend Mr. hind, which, in turn, caused the transaction should be placed for the benefit of both of them.
Ark said they “develop strategies to prevent the authorities from identifying their activities”, such as the use of unregistered mobile phones, a safe and an encoded or encrypted records.
“Insider trading is a serious crime that undermines our markets. The FCA will continue to ensure that persons engaged in such activities are held accountable for their illegal actions,” said Mr Steward.