£1.5m hit for banker over insider deals

Published on 21/08/2012 00:00

The Financial Services Authority (FSA) netted its biggest ever proceeds of crime haul yesterday as it secured a confiscation order for more than £1.5 million against a jailed banker and his wife.

Former Dresdner Kleinwort banker Christian Littlewood and his wife Angie had previously admitted to insider dealing. He was sentenced to 40 months in prison, while she received a suspended sentence.

Although the profit on the deals they were convicted for totalled £590,000, they were ordered to pay £767,000 each based on a law which allows the court to assume that the proceeds of other trading that took place within the same period represent the proceeds of crime.

The FSA has now secured 22 convictions related to insider dealing.