Broker fined £20k for failing to spot insider dealing

Mark Lockwood has been fined for failing to identify and act on a suspicious client order, which allowed the firm to be used to facilitate insider dealing. Consequently, the firm was unable to identify the trade as suspicious and report it to the FSA. Lockwood's misconduct related to his dealings with a client who sold shares in oil and gas exploration company, Amerisur, one day before an announcement by the firm of a placing of shares on 24 May 2007. The client has been subject to separate FSA enforcement action for market abuse in relation to Amerisur shares. Lockwood did not ...