Father and son fined £180k for market abuse

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 multipl...