The FCA has started a criminal prosecution against Matthew and Nikolas West for insider dealing.
The Financial Conduct Authority (FCA UK) reports that criminal proceeding have commenced against two individuals for insider dealing. Matthew and Nikolas West are jointly charged with conspiracy to deal in 4 stocks while having inside information.
Matthew West (43) has additionally been charged with insider dealing in relation to 2 stocks. He has been charged with disclosing to and encouraging Nikolas West (45) to deal in 2 stocks, and Nikolas West has been charged with dealing in those same 2 stocks based on that insider information.
The alleged offences took place between 2016 and 2020 and it is reported that Matthew and Nikolas West made a total profit of approximately £110,000.
The hearing took place at Westminster Magistrates Court on 3 October 2024. Matthew and Nikolas West will appear at Southwark Crown Court on 31 October 2024 where they could face a fine or up to 7 years imprisonment for insider dealing.
News cited from FCA.org.uk.