The Financial Conduct Authority (FCA) has banned and fined Neil Sedgwick Dwane \u00a3100,281 for insider dealing while working as an adviser to Sheffield-based ITM Power.<\/p>\n
The regulator said Mr Dwane used confidential information obtained through his role at the clean energy company in October 2022, ahead of a market announcement that caused ITM\u2019s share price to fall by around 37%.<\/p>\n
The day before the announcement, Mr Dwane sold 125,000 shares belonging to himself and a family member, worth \u00a3124,287, and after the share price drop, bought 180,000 shares for \u00a3140,700 \u2014 making a profit of \u00a326,575 from the difference.<\/p>\n
The FCA said Mr Dwane was required to seek ITM\u2019s permission before trading in its shares but failed to do so.<\/p>\n
In a statement, Steve Smart, executive director of enforcement and market oversight at the FCA, said: \u201cAs an experienced financial professional, Mr Dwane\u2019s 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.\u201d<\/p>\n
The FCA has banned Mr Dwane from working in UK financial services.<\/p>\n","protected":false},"excerpt":{"rendered":"
The regulator said Mr Dwane used confidential information obtained through his role at the clean energy company in October 2022, ahead of a market announcement that caused ITM\u2019s share price to fall by around 37%<\/p>\n","protected":false},"author":271992,"featured_media":2142622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2145526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-yorkshire"],"yoast_head":"\n