The FSA has today revealed it is prepared to go after insider traders who work directly outside the financial services industry after fining a former PR executive for abusing insider information to his own advantage.
Former group head of communications at Whitehead Mann Group Peter Bracken has been fined £15,000 for "committing market abuse" on two separate occasions after he learned WMG would issue a negative trading statement in the following days. Bracken is said to have learned on 26 September 2002 WMG was issuing a negative trading statement so contacted his broker within an hour of receiving this information and ordered him to short sell 5,000 shares in WMG at 190p, to be settled by 10 October. A statement was issued the next day and Bracken then ordered his broker to close the short position, ...
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