The Financial Conduct Authority (FCA) has banned an adviser accused of insider dealing from working in UK financial services.
Neil Sedgwick Dwane was also fined £100,281 for using inside information to benefit from selling shares in a company he worked for.
As an adviser for ITM Power in 2022, Dwane knew the details of an announcement ITM planned to make to the market on 27 October. The day before the announcement, Dwane sold his own and a family member’s 125,000 shares worth £124,287.
Following that announcement, ITM’s share price fell by around 37% and Dwayne purchased 180,000 shares worth £140,700, netting £26,575 from the price difference.
The FCA said Dwayne was an experienced financial professional who knew his actions amounted to insider dealing and that he abused his position of trust, having failed to obtain ITM’s permission before dealing in its shares.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “As an experienced financial professional, 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.”
