Ex-banker pleads guilty to insider trading charge

11 January 2011

One-time Dresdner Kleinwort investment banker Christian Littlewood and two accomplices have pleaded guilty to insider dealing charges brought by British watchdog the Financial Services Authority (FSA).

Mr Littlewood's wife Angie and Singaporean business associate Helmy Omar Sa'aid also admitted to a total of 14 charges at a hearing at London's Southwark Crown Court yesterday (January 10th 2011).

The trio fraudulently dealt in shares worth around £2 million ($3.1 million) ahead of takeover deals for eight companies, including Bristol Water and Highway Insurance. Mr Littlewood acted as an advisor in seven of the eight buyouts.

FSA managing director of enforcement Margaret Cole welcomed the news, saying: "It seems that the penny is beginning to drop. These guilty pleas show that our strategy of a tough approach to insider dealing ... is paying off."

Last week, the organisation fined Surety Guarantee Consultants director Barry Williams £25,000 and banned him from working in financial services for his part in defrauding London market insurers out of £2 million.

By Asim Shah

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