The Financial Conduct Authority (FCA)
has fined Neil Sedgwick Dwane £100,281 for insider dealing and
banned him from working for UK financial
services.
In 2022, Mr Dwane worked as an advisor
for ITM Power Plc (ITM). Because of his role, Mr Dwane knew the
details of an announcement ITM planned to make to the market on
27th
October. Following that announcement,
ITM's share price fell by around 37%.
The day before the announcement, Mr
Dwane used the inside information and sold his own and a family
member's 125,000 shares worth £124,287. He took advantage of the
subsequent fall in ITM's share price to purchase 180,000 shares
worth £140,700, gaining £26,575 from the price
difference.
Mr Dwane is an experienced financial
professional and knew his conduct amounted to insider dealing,
abusing his position of trust.
Mr Dwane was required to obtain ITM's
permission before dealing in its shares but he failed to do
so.
Steve Smart, executive
director of enforcement and market oversight at the FCA,
said:
“As an experienced financial
professional, Mr Dwane's dishonesty and greed fell way short of
the standards we expect. Trading on inside information while in a
position of trust rigs the system and undermines the integrity of
the market.”
The FCA continues to use its full
range of powers to clamp down on all types of market abuse, using
the most appropriate regulatory and criminal action to hold
people to account.
Notes to
editors:
-
Mr Dwane agreed to resolve this
matter and qualified for a 30% (stage 1) discount under the
FCA's settlement procedures. Were it not for this discount, the
FCA would have imposed a financial penalty of £126,575 plus
interest on the £26,575 benefit.
-
The FCA enables a fair
and thriving financial services market for the good of
consumers and the economy.
