Longest Insider Dealing Jail Sentence Imposed

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On February 2, the UK Financial Services Authority (FSA) announced the longest custodial sentence so far imposed for insider dealing. Christian Littlewood, a senior investment banker, was sentenced to three years and four months; his wife, Angie Littlewood, to twelve months suspended for two years; and a family friend, Helmy Sa'aid, to two years. The three had pleaded guilty to eight counts of insider dealing alleging that they had made almost £590,000 (approximately $930,000) profit from trades in a number of London Stock Exchange and Alternative Investment Market listed shares between 2000 and 2008 (see the January 14 edition of Corporate and Financial Weekly Digest).

Mr. Sa'aid was also ordered to pay £640,000 (approximately $1.03 million) in confiscation. Confiscation orders in relation to Christian and Angie Littlewood will be dealt with at a later date.

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