BlackRock's Bolton faces insider dealing investigation

The regulator announced last Friday it has begun civil proceedings against Bolton, alleging he used non-public information in a sale of shares in Italian oil & gas company Saipem. The sale of 10.7m shares, made between 25 January and 29 January last year, came prior to a profit warning by Saipem after market close on 29 January and thereby helped avoid client losses of €114.5 million, according to Consob. In response, BlackRock said it had conducted its own investigation and found "no evidence to support the allegations". "As a result of the investigation, BlackRock believes that the sal...