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U.K. Banker in Insider Trading Case Uncomfortable With Profits

  • Five men on trial in largest U.K. insider trading prosecution
  • Group made $700,000 on Scottish & Newcastle bets before deal
The Deutsche Bank AG headquarters are reflected in the window of a building in Frankfurt.
Photographer: Hannelore Foerster/Bloomberg
Updated on

A former Deutsche Bank managing director at the center of the U.K.’s biggest insider trading case said he was uncomfortable with the 281,000 pounds ($393,000) he made from betting on Scottish & Newcastle shares just before a takeover bid. But the large profit came from “human error,” not the use of confidential information, he said.

Martyn Dodgson, one of five men on trial in London, was working at Lehman Brothers, an adviser for Carlsberg, which eventually bought the brewer with Heineken NV for 7.8 billion pounds. Dodgson said that he wasn’t on the relevant Lehman teams and didn’t know about the 2007 announcement. He denied discussing the brewer with fellow defendant Andrew Hind, who made trades related to the company a day before the bid went public.