Ex-Altium Banker to Be Charged in FSA Insider-Trade Probe
A former managing director at Altium Capital Ltd. will be charged in an insider-trading investigation and face trial next year along with a former Deutsche Bank AG (DBK) broker and four others.
Grant Harrison was sent a summons yesterday and told to appear in court in April to be charged, a lawyer for the U.K. Financial Services Authority, Neil Saunders, said at a London court hearing today. Harrison will be added as a defendant in the case against Martyn Dodgson, a former managing director at Deutsche Bank, Saunders said.
The case is scheduled to go to trial in September 2014 and last as long as three months, according to information from the hearing today. Contact information for Harrison couldn’t immediately be found.
“The FSA has informed us that the allegations relate entirely to this individual’s personal actions while with a previous employer,” Altium said in a statement. Harrison no longer works for the firm and his actions haven’t had any impact on Altium’s clients, it said.
Harrison, who is listed as “inactive” on the FSA’s register of people approved to work in the industry, joined Altium as a managing director and the head of public company business development in September 2011, according to a statement on the firm’s website from when he was hired. He previously worked for Lloyds Banking Group Plc in its equity capital markets business, and for a Panmure Gordon & Co. unit.
The charges stem from the FSA’s biggest insider-trading investigation, known as Operation Tabernula, Latin for little tavern. The U.K. regulator arrested seven people and raided 16 addresses in London and southeast England in March 2010 as the FSA sought to crack down on insider trading among bankers and traders in London’s financial district. More arrests came later.
Dodgson, who was employed by Deutsche Bank at the time of his arrest in 2010, as well as Andrew Hind, Benjamin Anderson and Iraj Parvizi were charged with “conspiracy to insider deal” between Nov. 1, 2006, and March 23, 2010, the FSA said in October. The agency alleges the men made more than 3 million pounds ($4.5 million) on improper trades. Another defendant, Richard Baldwin, was charged in December.
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