FCA commences criminal proceedings against two for insider dealing
The Financial Conduct Authority (FCA) has commenced a criminal prosecution against Stuart Bayes and Jonathan Swann for insider dealing.
Mr Bayes and Mr Swann have both been charged with insider dealing. Mr Bayes has also been charged with improperly disclosing inside information, or encouraging another, whilst being an insider, to engage in dealing.
The alleged offending took place between 2 May 2016 and 10 June 2016 and involved trading in shares in British Polythene Industries plc (BPI), ahead of an announcement that RPC Group plc was to acquire BPI. During this period, Mr Bayes was employed by RPC Group plc, and Mr Swann worked as a tenancy support officer.
The total profit from the insider dealing was approximately £138,700.
Mr Bayes and Mr Swann appeared at Westminster Magistrates’ Court on 11 February 2021.
Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment.
The FCA cannot provide any further comment or information at this time.