The FCA has started a criminal prosecution against Matthew and Nikolas West for insider dealing.
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The Financial Conduct Authority (FCA UK) reports that criminal proceeding have commenced against two individuals for insider dealing. Matthew and Nikolas West are jointly charged with conspiracy to deal in 4 stocks while having inside information.
Matthew West (43) has additionally been charged with insider dealing in relation to 2 stocks. He has been charged with disclosing to and encouraging Nikolas West (45) to deal in 2 stocks, and Nikolas West has been charged with dealing in those same 2 stocks based on that insider information.
The alleged offences took place between 2016 and 2020 and it is reported that Matthew and Nikolas West made a total profit of approximately £110,000.
The hearing took place at Westminster Magistrates Court on 3 October 2024. Matthew and Nikolas West will appear at Southwark Crown Court on 31 October 2024 where they could face a fine or up to 7 years imprisonment for insider dealing.
News cited from FCA.org.uk.