The defendant, a former self-employed trader in the City, pleaded guilty to five counts of insider dealing. The defendant’s pleas followed extensive negotiations with the Financial Conduct Authority (“FCA”). These negotiations not only resulted in the FCA accepting guilty pleas to a reduced number of counts but an agreed confiscation and costs figure.
In his judgment, HHJ Hehir gave significant weight to the Court of Appeal’s view in R v McQuoid that insider dealing is a serious criminal offence and that there should be an element of deterrence in sentencing, generally resulting in substantial sentences of imprisonment for offenders.
Notwithstanding this, the extensive mitigation prepared on the defendant’s behalf and presented in detailed written and oral submissions at Court ultimately led HHJ Hehir to conclude that the case merited a suspended sentence. The defendant received a sentence of 15 months’ imprisonment, suspended for two years, with an unpaid work requirement. As confiscation and costs had been agreed with the FCA beforehand, HHJ Hehir upheld this figure in his judgment.
Counsel were instructed by Neil Swift, Rachel Cook and Abbie Melvin of Peters & Peters.
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