Following a sentencing hearing at Southwark Crown Court, Stuart Bayes, 58, was today sentenced to 18 months’ imprisonment, suspended for 2 years, after being convicted of 2 counts of insider dealing.
He was also given a Rehabilitation Activity Requirement of 35 days and ordered to carry out 150 hours of unpaid work.
On 28 March 2024, Mr Bayes was found guilty of insider dealing following an 8-week trial at Southwark Crown Court in a prosecution brought by the Financial Conduct Authority (FCA).
Sentencing Mr Bayes, His Honour Judge Hopmeier, said:
'You deliberately and dishonestly probed for information on when the takeover would be and exploited that information for your own financial gain.'
The FCA has commenced confiscation proceedings against Mr Bayes, with a hearing listed for 4 October 2024.
Notes to editors
- Stuart Bayes’ date of birth is 11 January 1966.
- Insider dealing is a criminal offence punishable, on conviction, by a fine and / or up to 7 years’ imprisonment at the time of the offending. For offences committed on or after 1 November 2021, the maximum sentence is up to 10 years’ imprisonment.
- Mr Bayes was convicted of 2 counts of insider dealing on the indictment: one of dealing and one of encouraging his friend, Jonathan Swann to deal whilst in possession of inside information. Mr Swann faced one count of dealing but was acquitted of that charge.
- Find out more information about the FCA.