FCA fines and censures director for insider dealing

The FCA found that Gavin Breeze, who holds several directorships of private companies and is also a Non-Executive Director of one AIM listed business, attempted to sell his entire 8% shareholding in MoPowered plc while in possession of inside information.

He also passed the inside information onto another shareholder, and could have avoided a loss of up to £242,000 had he been successful.

The FCA has also ordered Mr Breeze to pay restitution amounting to £1,850 plus interest of £259 to individuals who suffered financial losses after buying shares at a higher price than they would have done had the information known to Mr Breeze been public.

Mark Steward, Director of Enforcement and Market Oversight at the FCA, said: “Mr Breeze’s misconduct demonstrates the abuse of insider trading is still not well understood or appreciated, even by experienced industry professionals. Mr Breeze has done the right thing in acknowledging his wrong-doing and offering to compensate counterparties, who were entitled to be safe from trading with or in the same market as a prohibited insider, like Mr Breeze.

"Prohibited insiders, especially market professionals, will be caught and be made to account to those they have misled. While the amounts are small, the principle here is an important one and our message to market professionals in particular cannot be any clearer.”