Stuart Bayes has been found guilty of two offences of insider dealing in a prosecution brought by the Financial Conduct Authority (FCA).
Mr Bayes was employed as a site manager at RPC Group Plc. Through his employment, he learned that RPC was about to announce the takeover of BPI plc (a listed company). That information was inside information. Ahead of the deal being announced to the market, Mr Bayes traded in BPI shares, resulting in a profit of £132,000. He also encouraged another individual to trade in BPI shortly before the announcement.
After the jury failed to reach a verdict in a previous trial in 2022, the FCA pursued a retrial and Mr Bayes has now been found guilty of insider dealing – 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. He will be sentenced on 26 April 2024. The other individual was found not guilty of insider dealing.
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