A former Deutsche Bank managing director found guilty in the UK’s biggest-ever insider trading case has been sentenced to four and a half years in jail.
Martyn Dodgson was convicted by a jury at Southwark Crown Court on Thursday after a 12-week long trial.
In his sentencing remarks, His Honour Judge Pedgen said: “This was persistent, prolonged and deliberate dishonest behaviour, which you both knew, in my judgment, was criminal,” going on to call Dodgson’s actions “a gross breach of trust.”
Dodgson’s sentence is the longest ever handed out for insider trading in the UK, topping the four years given to the former head of brokerage firm Blue Index in 2012, the Financial Times reports. The maximum sentence he could have faced was seven years in prison.
Alongside Dodgson, Andrew Hind — the other individual found guilty in the case — was sentenced to three and a half years. Hind, an accountant by profession, was once a finance director at high street retailer, Topshop.
They were accused of generating more than £7 million in profit, trading on inside information on stocks such as Legal & General, Scottish & Newcastle, and Sky.
Hind and Dodgson were first found guilty on Monday, while three other men being tried, Grant Harrison, a former managing director at Altium Capital, day trader Benjamin Anderson and former Aria Capital director Iraj Parvizi — were found not guilty.
The case — code named Tabernula, which is Latin for “little tavern” — had five defendants accused of conspiring to trade securities with inside information between 2006 and 2010.
The case had a dramatic start. In March 2010, more than 100 police and regulators were deployed across 16 locations to arrest seven people. The raids, co-coordinated by the now-defunct Financial Services Authority, stunned the City, which was used to a regulator with a “light touch.”