Two men, including a former managing director at Deutsche Bank, were found guilty in the UK’s biggest ever insider trading trading case.
Martyn Dodgson and Andrew Hind, an accountant were convicted by a London jury on Monday after a trial lasting 12 weeks.
Three other defendants — 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 convicted men face a maximum of seven years in prison and a sentencing verdict could come as soon as this week.
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.
The result is a partial success for the Financial Conduct Authority, six years after a series of dawn raids shocked the City of London.
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 a City, which was used to a regulator with a “light touch.”
NOW WATCH: Be sure to learn the actual meaning of these real estate ‘code words’ before looking for a new place
Business Insider Emails & Alerts
Site highlights each day to your inbox.