Banker used his lovers to commit insider trade scam

17:42 15 November 2012

The two girlfriends were cleared of the charges. File picture: PA

The two girlfriends were cleared of the charges. File picture: PA

Archant

Two women accused of using insider information from an investment banker they both believed was their boyfriend were cleared by a jury today.

Jessica Mang, 29, and 44-year-old Christina Weckwerth had no idea of the existence of the other.

They were both acquitted of one count of insider dealing following a trial at Southwark Crown Court in London, the Financial Services Authority said.

The pair was alleged to have made “substantial profits” by using confidential details given to them by Thomas Ammann about a future company takeover.

Ammann, who worked at the London offices of Japanese bank Mizuho, was one of only a few people to know “price sensitive information” about the takeover of Dutch printing firm Oce by global electronics company Canon.

He allegedly passed information to Weckwerth, 44, and 29-year-old Mang, and encouraged them to trade in the shares of Oce prior to the acquisition being announced, the FSA said.

Both considered Ammann, 39, to be their boyfriend and had no idea of the existence of the other.

Weckwerth, who is from Germany, was said to have made one million euros in profit through the sale of the shares, while Mang pocketed £29,000, the FSA said.

Ammann has pleaded guilty to two counts of insider dealing and two counts of encouraging insider dealing, the FSA said.

He will be sentenced on a date to be confirmed.

Tracey McDermott, the FSA’s director of enforcement and financial crime, said: “As an approved person Ammann knew he could not deal using the inside information he had without arousing suspicion but he thought that by getting his girlfriends to trade instead they could avoid being caught. He was wrong, and he now faces the consequences.

“The charges against Weckwerth and Mang were serious and we considered that the evidence provided a proper basis to put the case before a jury for them to decide.

“Criminal prosecutions are integral to the FSA’s long-term strategy of delivering credible deterrence and combating city wrongdoing.”

The FSA made no criticism of Mizuho International plc.

Latest Stories

Yesterday, 14:16
The twins, who spend most of their day latched onto dad, have been named Winnie and Piglet by zookeepers ahead of this weekend’s Winnie the bear celebration at the Little Creatures family festival.

These two new arrivals, born just in time for a weekend celebrating the bear who inspired Winnie the Pooh, have been given some very apt names.

Read more
Yesterday, 15:14
Police were called to the house of Sam Taylor Wood, seen here with husband Aaron Taylor Johnson at the European premiere of 'Godzilla' in Leicester Square in May, after the machine gun was spotted through a window  (Photo by Ian Gavan/Getty Images)

Sam Taylor-Johnson got a visit from the firearms squad last night after a spotter-by noticed a machine gun in her house and called the police.

Read more
Yesterday, 13:01
Firearms officers arrested the suspect

Members of the public helped to thwart an attempted armed robbery in Whitechapel yesterday.

Read more

Quirky London

Quizzes

Amy Winehouse's second album became a classic

Are you an Amy Winehouse superfan?

Read more
I'm only going to say this once: Stand. On. The. Right.

James Bond is Britain’s most famous secret agent, and the capital is its most famous city, so it makes sense that 007 would live and work here when he isn’t gallivanting around the world.

Read more
Can you find the animals hiding in London station names? (Photo by Peter Macdiarmid/Getty Images)

You may not realise it but there are animals hiding in stations across London? Play our quiz and see if you can you find them:

Read more