Quindell founder Rob Terry upped his stake in broker Daniel Stewart sending the firms' shares soaring today.
Shares in Daniel Stewart, which offers corporate advisory and institutional stockbroking services, jumped 750 per cent to close at 1.7p. They had only recently started trading again following a suspension in October for failing to publish its annual report.
Rob Terry, the former executive chairman of the insurance outsourcer, bought 31.25m shares in Daniel Stewart, taking his total number of shares to 52m, meaning he now has a 7.4 per cent stake in the struggling broker.
Terry left Quindell in November after his involvement in a controversial share transfer agreement with Equities First Holdings. He then proceeded to sell off most of his stake in the embattled insurer just a month later.
Shares in Quindell had been punished since the publication of a research report by the publication of a report by shadowy short-sheller Gotham City last year, accusing the company of having "magical… paper profits".