A former Blackrock fund manager has today pleaded guilty to two counts of insider dealing.
At Southwark Crown Court, former equity portfolio manager Mark Lyttleton, admitted dealing on the basis of insider information he obtained while working at Blackrock. He traded the shares using an overseas asset manager trading on behalf of a Panamanian registered company.
"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 two stocks concerned are EnCore Oil (between 1 October 2011 and 13 October 2011) and Cairn Energy (between 4 November 2011 and 17 December 2011)," the Financial Conduct Authority said in a statement.
Lyttleton used the inside information to inform the purchase of shares a short time before any public announcement was made about the stocks concerned.
He will be sentenced on 21 December with a count of insider dealing carrying a maximum sentence of seven years in prison.