Ex-BlackRock Fund Manager Pleads Guilty to Insider Trading -- Update
02 Novembro 2016 - 10:45AM
Dow Jones News
By Margot Patrick
LONDON-- Mark Lyttleton, a former BlackRock Inc. fund manager,
pleaded guilty to two counts of insider trading Wednesday,
admitting using information from his job to make personal
trades.
Mr. Lyttleton, an equities fund manager at BlackRock for more
than a decade, was charged for trades involving two stocks, EnCore
Oil PLC and Cairn Energy PLC, in 2011.
EnCore Oil was being acquired by another oil company at the
time, while Cairn Energy was selling a stake in its Indian
unit.
"In his role in the fundamental equity team at BlackRock, Mr.
Lyttleton was able to discover and act on inside information either
by working on the deals concerning the stocks or being party to
conversations conducted by colleagues," the Financial Conduct
Authority--the U.K. regulator prosecuting the case--said in a
statement.
The FCA said the trades were made through an overseas asset
manager trading on behalf of a company registered in Panama. It
previously said that Swiss authorities carried out searches in
Switzerland in relation to the case.
A lawyer for Mr. Lyttleton didn't immediately return calls.
Mr. Lyttleton, 45 years old, was arrested along with his wife in
April 2013, a month after resigning from BlackRock.
BlackRock isn't part of the investigation and its clients
weren't involved, the asset-management company said previously.
No charges were brought against Mr. Lyttleton's wife.
Mr. Lyttleton will be sentenced on Dec. 21. Insider trading
carries a sentence of up to seven years in prison in the U.K.
Mr. Lyttleton managed as much as $4 billion for BlackRock
clients before his arrest. After leaving the fund group, he became
a life coach and mentor, according to his LinkedIn page. On the
page, he said being arrested was the low point of his life and that
he now wanted to help people "be the best versions of
themselves."
Write to Margot Patrick at margot.patrick@wsj.com
(END) Dow Jones Newswires
November 02, 2016 08:30 ET (12:30 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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