First conviction for insider trading

First conviction for insider trading

A man has been convicted of insider trading in an Irish legal first.

Declan Service, 63, pleaded guilty to engaging in insider dealing on dates between 18 and 22 May 2020 contrary to the European Union (Market Abuse) Regulations 2016 and section 1368 of the Companies Act 2014.

Mr Service, who lives in Co Antrim, was fined £60,000 (€69,000) and faces imprisonment for up to 18 months when his sentence is finalised next year.

He made a profit of around £11,500 after using insider knowledge to sell shares in a pharmaceutical company and later buy them back at a lower price.

The case will return to Dublin Circuit Criminal Court in February 2024.

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