FCA announces money laundering conviction in insider dealing link

Reporting restrictions have been lifted such that FCA has finally been able to confirm a conviction it secured against Richard Baldwin in 2017 for dealing in criminal property. The property was related to FCA’s “Operation Tabernula” investigation into insider dealing, in relation to which it has secured 5 other convictions.  Mr Baldwin had also admitted contempt of court in relation to breach of a restraining order.

Martyn Dodgson and Andrew Hind had dealt on the basis of inside information sourced by Dodgson from investment banks and were convicted of conspiracy to insider deal in May 2016. Baldwin was a business partner of Hind and set up a company in Panama to receive some of the proceeds of the conspiracy. He provided a false invoice to his bankers to explain the receipt of £1.5m which was the profit of insider dealing. He then dissipated this amount though other Panamanian companies and offshore accounts. Once FCA started to investigate, he moved the money and became the subject of a Restraint Order, following which he travelled to move funds.

Mr Baldwin was tried in his absence as he absconded during the proceedings. Warrants have been issued for his arrest for him to be brought before court for sentencing on 3 September.

Jonny Williams

Jonny Williams