Belfast Telegraph

UK Website Of The Year

Former BlackRock manager faces jail after pleading guilty to inside trading

Published 02/11/2016

Offices of BlackRock in the City
Offices of BlackRock in the City

A former investment manager at BlackRock has pleaded guilty to two counts of insider dealing.

Mark Lyttleton, who was charged by the Financial Conduct Authority (FCA) with the offences in September, faces a maximum sentence of seven years and a fine.

At Southwark Crown Court on Wednesday, Mr Lyttleton admitted dealing on the basis of insider information he obtained while working at BlackRock.

"In his role in the Fundamental Equity Team at Blackrock, Mr Lyttleton was able to discover and act on inside information either by working on the deals concerning the stocks or being party to conversations conducted by colleagues," the FCA said.

The two stocks concerned are EnCore Oil and Cairn Energy, and the offences relate to trades made in 2011.

Mr Lyttleton was able to use the inside information to inform his purchase of shares a short time before any public announcement was made about the stocks, the FCA said.

He will be sentenced on December 21 2016.

When Mr Lyttleton was initially charged, BlackRock said: "There was no impact to any of BlackRock's clients as a result of the alleged actions.

"The alleged behaviour is totally contrary to the firm's principles and values, and we strongly support aggressive enforcement of the law in these matters."

Press Association

Read More

From Belfast Telegraph