Insider dealing trial told of £200,000 profits
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Your support makes all the difference.A garden centre boss made more than £200,000 in profits from his part in an insider dealing ring, a court was told yesterday.
Richard Spearman from Essex was among a group of friends who allegedly took advantage of sensitive information being compiled by the printing company Burrups before it was released to the stock market, counsel for the Serious Fraud Office told Southwark Crown Court.
The insider dealing scam was in operation between 1997 and 2001 according to the SFO, Mr Spearman and three others are accused of making money after one of their party, Norman Payne, who worked for Burrups, allegedly tipped them off about information such as takeover bids. The group is accused of using the information to buy shares in the affected companies.
Once the information was released to the public and their share prices rose, the group sold out, according to the SFO.
Timothy Langdale QC, acting for the SFO, said: "They were able to make tens of thousands of pounds and Richard Spearman made something over £200,000 in this way." Mr Spearman, who worked at Happy Grow Garden Centre in Essex, denies he was involved in the fraud.
The alleged plot was uncovered after the SFO bugged the offices of Epping Paving and Building Supplies, which is part-owned by Mr Spearman's estranged wife Catharine.
The trial is expected to last up to four weeks.
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