Banker and wife charged with insider trading by FSA

16 March 2010

An investment banker and his wife have been charged with 14 counts of insider trading by the Financial Service Authority (FSA).

Christian and Angie Littlewood have been arrested in connection with trades in shares listed on the London Stock Exchange and AIM which took place between 2000 and 2009, the regulator explained.

A third unnamed suspect has been arrested in connection with the crimes in Mayotte, a French territory.

The organisation revealed that the arrest of a 33 year-old Singapore national is the first time it has called for the extradition of a suspect from overseas to be brought to the UK to face charges.

Angela Hayes, a regulatory lawyer at Mayer Brown LLP, told Bloomberg: “This is the sort of case that the FSA should be bringing in order to achieve effective deterrence, rather than cases against a dentist and intern.”

Mr Littlewood and his wife are due to appear before Westminster Magistrates’ Court on April 6th 2010.

Meanwhile, Hector Sants, chief executive officer at FSA, has announced plans for the industry regulator to expand its workforce.

The decision is part of a strategy to prevent people from abusing the markets through insider deals.

By Jim Ottewill

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