Seasoned traders Matthew and Nikolas west have been sentenced for insider trading in a prosecution brought by the Financial Conduct Authority (FCA).
Matthew West has been sentenced to 15 months in prison, suspended for two years, while his brother Nikolas has been sentenced to six months in prison, suspended for two years. Matthew must also carry out 200 hours of unpaid work.
The UK’s financial watchdog used market surveillance tools, which are used to detect suspicious behaviour, to uncover the misconduct.
A subsequent investigation found that within minutes of receiving confidential information, the brothers had coordinated and executed trades, making a profit of nearly £43,000. The court has ordered them to pay back £280,000.
Steve Smart, executive director of enforcement and oversight at the FCA, said: “Greed got the better of them. The West brothers knew the rules and still chose to break the law.
“This should serve as a reminder that the FCA will take action against those who abuse their position and break the law, including depriving them of their ill-gotten gains.”
