The Financial Services Authority warned that it will increasingly seek jail terms for those caught cheating the market after securing convictions in its first criminal prosecution for insider dealing.
A jury at Southwark Crown Court on Friday returned guilty verdicts against a solicitor and his father-in-law who were accused of using confidential information about the take-over of a British technology company to make a £49,000 profit.
Christopher McQuoid, former head of legal at TTP Communications, and James Melbourne, his father-in-law, could face up to seven years in prison when they are sentenced next week.
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