The U.K. Financial Conduct Authority charged former VTB Capital PLC banker Konstantin Vishnyak for destroying documents he knew would be relevant to a probe into suspected insider dealing.
The FCA alleges that Vishnyak deleted the WhatsApp messaging app on his phone before handing it over as part of the investigation. The case is the first of its kind brought by the regulator in relation to a destruction of documents offense under the Financial Services and Markets Act 2000, it noted.
Vishnyak pleaded not guilty and was granted bail until an Oct. 4 hearing at the Southwark Crown Court in London.
The destruction of documents offense carries a prison sentence of up to two years, while insider trading carries a maximum sentence of seven years, the Financial Times reported Sept. 6.
Vishnyak worked at VTB Capital's London office for eight years before serving as Queen Street Finance's head of business development in 2018, the FT added, citing Vishnya's LinkedIn profile. A compliance officer at Queen Street Finance reportedly said Vishnyak no longer works at the firm, adding that the company is not connected with the probe.
