Securities: UK's FSA loses insider dealing case
“Insider dealing cases are challenging to prove, but these were serious charges and we considered that the evidence provided a proper basis to put the case before a jury for them to decide," said Margaret Cole, Director of enforcement and financial crime at the FSA, announcing a loss in an insider dealing case.
Andrew King, a finance director, and Michael McFall, a lawyer, were today acquitted of insider dealing.
Andrew Rimmington was also on trial on the same charges but Judge Testar discharged the jury from considering the case against him midway through proceedings, for personal reasons. Given the verdicts against Mr McFall, the FSA has offered no evidence against Mr Rimmington and not guilty verdicts have been entered in respect of him.
The FSA has almost a dozen insider dealing cases pending.
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