Jailed insider trading pair told to pay back £1.69m

TWO friends convicted of insider trading during the City watchdog’s longrunning Operation Tabernula investigation have been ordered to pay back £1.69m or face more time in prison.

The order comes two years after former Deutsche Bank corporate broker and Lehman Brothers banker Martyn Dodgson, who advised the Treasury during the financial crisis, was handed a four and a half year jail sentence for his role in an insider trading ring. His friend Andrew Hind was sentenced to three and a half years.

The Financial Conduct Authority (FCA), which uncovered the conspiracy through the £14m investigation, said Dodgson now has three months to repay £1.1m or he will face a further seven and a half years in prison.

Hind, an accountant who was a finance director at Topshop during the Nineties, must repay £624,521 or face a further five and a half years in jail.

Dodgson was accused of using his senior roles at Morgan Stanley, Lehman Brothers and Deutsche Bank between 2006 and 2010 to pass inside information to Hind, who in turn caused trades to be placed for the benefit of them both.