Investment banker, his wife and family friend sentenced for insider dealing
2nd February 2011Christian Littlewood, a senior investment banker and former Financial Services Authority (FSA) Approved Person, his wife Angie Littlewood (also known as Siew Yoon Lew and Angie Lew) and a family friend, Helmy Omar Sa'aid, have today been sentenced for insider dealing contrary to section 52 of the Criminal Justice Act 1993.
Christian Littlewood was sentenced to three years and four months in custody; Angie Littlewood was sentenced to twelve months in custody suspended for two years; and Helmy Omar Sa'aid was sentenced to two years in custody.
Sa'aid was also ordered to pay GBP640,000 in confiscation. Confiscation orders in relation to Christian and Angie Littlewood will be dealt with at a later date.
The trio pleaded guilty to eight counts of insider dealing related to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2008.
In passing sentence His Honour, Judge Leonard QC, noted that sentences need to deter others:
"Those rogue traders that let down the honest, discreet majority must be made to pay."
Margaret Cole, managing director of enforcement and financial crime, said:
"This was a case of systematic abuse by an approved person of their privileged position in the market - we are determined to stamp out such abuse. Our tough, coordinated approach to insider dealing and our commitment to taking on difficult criminal prosecutions has really begun to pay off; the guilty pleas and sentencing of the Littlewoods and Sa'aid shows that we can, and will, uncover insider dealing, even across borders, and that the people who commit these market offences will not go unpunished."
