The FSA has fined a father and son for using inside information to avoid a near-£22,000 loss on a struggling oil exploration firm.
Jeremy Burley has been fined £144,200 while his father, Jeffery, has been fined £35,000.
The son, as managing director of Ugandan oil exploration suppliers BMS Minerals, acquired information on the progress of a drilling campaign by Tower Resources, a company in which he owned almost 800,000 shares.
He discovered the drilling looked unlikely to produce oil and instructed his father, Jeffery, who managed a share trading account on his behalf in the UK, to offload his shares before the information became public.
In June last year, Jeremy asked his father to sell his shares in multiple lots in a bid to avoid coming to the attention of the regulator. As a result, he avoided a loss of £21,700.
Margaret Cole, FSA director of enforcement and financial crime, says: "The actions of father and son were deliberate and premeditated and they took steps to disguise their insider dealing.
"The penalties imposed on Jeremy and Jeffery Burley in this case send a clear message to individuals that regardless of where they are based and whether they work in the regulated sector, the FSA will not tolerate people making a personal gain by trading on the basis of inside information."
Paul Bruns and Elaine Parkes
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