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19th January 2017

Sentenced: Individuals Guilty of Insider Dealing

A prosecution brought against Mr Manjeet Mohal and Mr Reshim Birk by the FCA was finally concluded last Friday - Friday the 13th January 2017.

Mr Mohal (a previous employee of Logica Plc) and Mr Birk, his residential neighbour were both found to be guilty of trading upon insider information Mr Mohal had access to in his position at Logica.

Punishment for Insider Dealing

The two individuals had plead guilty to insider dealing in December and had awaited their sentencing. Mr Mohal, guilty of two counts of insider dealing has been sentenced to 10 months imprisonment and ordered to undertake 180 hours of community work whilst Mr Birk, guilty of one count of insider dealing was sentenced to 16 months imprisonment, suspended for two years and ordered to undertake 200 hours of community work.

In addition, a confiscation order of £162,876.69 was made against Mr Birk and prosecution costs of £42,593.35 were awarded to the FCA in respect of each individual.

Comment from the Regulator:

The Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, Mark Steward, said:

“Mr Mohal was a trusted employee and he abused that position. This is another clear example for those who are tempted to insider deal, that they are more likely to be caught than ever before.”