HC Deb 01 July 1998 vol 315 cc215-6W
Mr. Gordon Prentice

To ask the President of the Board of Trade, pursuant to her answer of 25 June 1998,Official Report, column 572 if she will list the penalties imposed by the courts for insider trading in each of the 20 successful prosecutions brought under the Financial Services Act 1986. [48248]

Mr. Nigel Griffiths

Prosecutions for insider dealing have been brought under the Companies Act 1980, the Company Securities (Insider Dealing) Act 1985, and the Criminal Justice Act 1993. Twelve defendants have been successfully prosecuted following inquiries under section 177 of the Financial Services Act 1986, one following an inquiry commencing in 1986. My previous answer to my hon. Friend, on 25 June 1998,Official Report, column 572, referred to nine further successful prosecutions (of eleven individuals) where a section 177 investigation did not take place. These nine further prosecutions date from 1981. The schedule lists the penalties imposed against all those convicted of insider dealing:

Date of conviction of defendant Sentence Costs(£)
22 August 1981 No fine No costs
11 May 1982 6 months imprisonment, suspended for 2 years 100
17 December 1982 2 defendants, each fined £4,000 500
28 April 1986 Fine£800 150
1 July 1987 12 months imprisonment, suspended for 2 years£25,000 fine 7,000
17 July 1987 £10,000 fine 2,000
16 March 1988 £3,000 fine 2,000
26 April 1989 £1,000 fine 500
10 October 1989 £2,000 fine 750
8 December 1989 £15,000 fine 1,000
1 March 1990 120 hours community service 500
7 November 1990 First defendant fined£750 432
Second defendant fined £500 290
30 April 1991 18 months imprisonment, 9 months suspended
Disqualified under Company Directors Disqualification Act 1996 for 10 years
26 July 1991 £5,000 fine 500
28 October 1991 £24,000 fine 5,000
17 January 1994 2 defendants each fined£1,500 1,500
29 July 1994 6 months imprisonment, suspended for 2 years 1500
24 July 1995 £1,300 fine 200
1 November 1996 2 defendants, each given 120 hours community service 7,500
1following appeal