FormerDeutsche Bank AG managingdirector Martyn Dodgson and chartered accountant Andrew Hind, a former finance directorof retail chain Topshop, were convictedMay 9 of conspiring to engage in insider dealing.
A sentencingdate for Dodgson and Hind is yet to be determined, the U.K. Financial Conduct Authoritysaid. Thepair face up to seven years in prison, TheGuardian reported May 9.
The FCAsaid that between November 2006 and March 2010, Dodgson sourced inside informationfrom within the investment banks where he was employed, which also included MorganStanley and Lehman Brothers, and passed the data to Hind, who acted as a "middleman," for their own benefit.
The FCArelied on five acts of insider dealing related to Scottish & Newcastle Plc,Paragon Group of Cos. Plc,Just Retirement Plc, andBSkyB Plc to prove that in many cases, Dodgson or his employer was advising or connectedwith the company traded or the corporate transaction. The FCA claimed that the profitsfrom the insider trading activities amounted to £7.4 million, The Guardian noted.
AndrewGrant Harrison, Ben Anderson and Iraj Parvizi, the three other defendants in thecase, were acquitted.