The UK Financial Conduct Authority (FCA) announces that it will seek a re-trial of Stuart Bayes and Jonathan Swann for insider dealing offences.
This follows the Court’s decision on 25 May 2022 to discharge the jury after they were unable to reach a verdict following an eight-week trial at Southwark Crown Court.
The court set the date of 11 September 2023.
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.
Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment.