A solicitor was sentenced to eight months in jail yesterday for leaking secret information about a takeover, marking a significant breakthrough for the Financial Services Authority (FSA) and its efforts to combat insider trading. It was the first time that an insider dealer had been given a prison sentence in a case brought by the FSA.
Christopher McQuoid, a former general counsel of TTP Communications, a telecoms software business, was jailed at Southwark Crown Court in London for what a judge called his “deliberate and calculating behaviour”.
James Melbourne, McQuoid's father-in-law, who bought TTP shares after a tip-off from McQuoid, was jailed for eight months, suspended for a year.
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