Success in first FSA insider dealing criminal case

A jury at Southwark Crown Court today found Christopher McQuoid guilty of passing inside information to James Melbourne, which Melbourne then used to make a near £50,000 profit, which he split with his son-in-law. The case related to plans by telecommunications giant Motorola in 2006 to take over McQuoid's firm, TTP Communications, where McQuoid was a general counsel. Two days before the takeover was made public, Melbourne bought just under 154,000 TTP shares at 13p each. The takeover was announced at an agreed share price of 45p per stock, netting Melbourne a grand total of £48,919.20....