July 2001 one was a happy time for Marty Dodgson. He attended a buddy's bachelor party, made a new friend, and laid the groundwork for a lucrative-- albeit illegal-- side gig passing inside tips he gleaned from his job as a corporate broker to a guy who in turn traded on the material, non-public info, making everyone involved a nice little profit. Today? Less happy!
Martyn Dodgson, a former corporate broker at the lender, and accountant Andrew Hind were convicted by majority verdict in London Monday in what is considered the country’s biggest insider-trading case. Three other men were cleared by the jury following nine days of deliberations. The U.K. Financial Conduct Authority, which brought the case, said Dodgson and another corporate broker gave information about deals to Hind, who passed it on to two day traders. The men were accused of making 7.4 million pounds ($10.7 million) from trading six stocks including Sky Plc and Legal & General Group Plc.
Having said that, Dodgson does have the excitement of a prison nickname to look forward to.
Prosecutors said the men used a mix of modern technology and old-school skulduggery to hide their trades. The group gave themselves nicknames such as "Fatty," "Nobu," and "Fruit" and exchanged envelopes filled with cash at Indian restaurants while at the same time relying on encrypted memory sticks and pay-as-you-go phones.
Earlier: Ex-Deutsche Banker Charged With Insider Trading Says Profits Were Totally By Accident; One Day You’re Bonding With A New Friend At A Bachelor Party, The Next You’re Standing Trial On Insider Trading Charges