Broker gets record sentence for insider trading

A former Deutsche Bank broker has been handed a record prison sentence for insider trading, bringing to and end an eight-and-a half year, £14m investigation by the Financial Conduct Authority (FCA).

Martyn Dodgson, who advised the government during the credit crisis, was given a four-and-a half year jail term, the longest in UK history, after he was found guilty of using classified information to make stock-market deals that prosecutors claim netted him more than £6.9m between 2006 and 2010.

Handing down his ruling, the judge said the sentence was a reflection of a pattern of "persistent, prolonged, deliberate and dishonest behaviour".

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Accountant Andrew Hind, was also found guilty of insider dealing relating to the case and was given a three-and-a-half year term.

Three other defendants, day traders Ben Anderson and Iraj Parvizi and former Panmure Gordon broker Andrew Harrison, were acquitted.

This brings to an end the "largest and most complex insider dealing investigation" in British history, according to the FCA, which worked together with the Serious Organised Crime Agency on the case.

The sentence is "another victory for the FCA", says Bloomberg, "which has won 30 convictions for insider trading since it started prosecuting the crime less than a decade ago" and comes as US prosecutors are struggling with a court ruling that limits their ability to tackle the offence.

The FCA said it would move to confiscate any proceeds from Hodgson and Hind's illegal actions.