Feeds

Two in court on Motorola insider dealing charges

Regulator plays rough

Choosing a cloud hosting partner with confidence

The Financial Services Authority (FSA) has taken two men to court over allegations of insider dealing during Motorola's takeover of TTP Communications.

Christopher McQuoid, 39, of Royston, Hertfordshire, formerly general counsel of TTP Communications, and James William Melbourne, 74, of Ripley, Derbyshire, are accused of buying 153,824 shares in TTP Communications on 30 May 2006 knowing that Motorola was on the brink of making an offer for the firm.

The two men pleaded not guilty to the charges at City of London Magistrates' Court yesterday. The court declined jurisidiction and decided the case was suitable for trial on indictment - proceedings were adjourned until 19 February. The defendants were released on unconditional bail.

The FSA is better known for hitting companies with fines rather than prosecuting anyone in court. This year the regulator has fined HFC Bank more than a million pounds for failing to provide proper payment protection and fined a stockbroker for high-pressure sales tactics.

Observers said it was a major change for the FSA which usually pursues civil cases rather than criminal charges. Potential fines for individuals found guilty on criminal charges are heavier and there is also the possibility of a prison sentence.

The FSA statement is here. ®

Business security measures using SSL

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Hey, Scots. Microsoft's Bing thinks you'll vote NO to independence
World's top Google-finding website calls it for the UK
Apple CEO Tim Cook: TV is TERRIBLE and stuck in the 1970s
The iKing thinks telly is far too fiddly and ugly – basically, iTunes
Israeli spies rebel over mass-snooping on innocent Palestinians
'Disciplinary treatment will be sharp and clear' vow spy-chiefs
Huawei ditches new Windows Phone mobe plans, blames poor sales
Giganto mobe firm slams door shut on Microsoft. OH DEAR
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
OECD lashes out at tax avoiding globocorps' location-flipping antics
You hear that, Amazon, Google, Microsoft et al?
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.