Ex-Deutsche banker hit with £1m confiscation order for insider trading
A former Deutsche Bank broker has been hit with a confiscation order today for more than £1m following a conviction for insider trading.
Martyn Dodgson, a former managing director at Deutsche, was ordered to pay £1,074,236, while his accomplice, former Topshop accountant Andrew Hind, was ordered to pay £624,521 after being convicted for insider trading.
The amount must be paid within three months or Dodgson will face another seven-and-a-half years in prison while Hind would face another five-and-a-half years.
Read more: Delayed insider trading trial to get underway
The pair were convicted last year of insider trading with Dodgson hit with a four-and-a-half year sentence while Hind received a three-and-a-half year sentence.
Mark Steward, the Financial Conduct Authority's (FCA) executive director of enforcement and market oversight, said: “Mr Dodgson and Mr Hind hatched an audacious plan to make significant illegal gains for themselves. They were driven by greed and self-interest, but through their actions they have lost their liberty, their livelihoods and their reputations.”
The pair operated a conspiracy between November 2006 and March 2010 during which time Dodgson held senior positions at Morgan Stanley, Lehman Brothers and Deutsche Bank.
He used his positions to source sensitive information which he then passed onto Hind who caused trades to be placed that benefited the two individuals.
Read more: Former UBS pair deny insider trading
They used a series of elaborate strategies to avoid being caught including using burner phones, safety deposit boxes and encrypted records.
“Insider dealing is a serious crime that undermines our markets. The FCA will continue to ensure that those engaged in such activity are held to account for their misconduct,” Steward said.
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