December 13, 2012 / 12:30 PM / in 5 years

UPDATE 1-Banker gets insider dealing jail sentence - FSA

LONDON, Dec 13 (Reuters) - Thomas Ammann, a banker who encouraged two girlfriends to buy shares based on privileged information, has been sentenced to two years and eight months’ jail for insider dealing, Britain’s financial regulator said on Thursday.

Ammann, who worked in London for Mizuho International , encouraged his girlfriends to buy shares in Dutch photocopier firm Oce prior to its takeover by Canon, and shared the profits with them, the Financial Services Authority (FSA) said.

Both women were acquitted last month. The FSA said it made no criticism of Mizuho International.

“This sort of behaviour by city professionals not only brings the individual into disrepute but damages the reputation and standing of the financial services industry as a whole,” said Tracey McDermott, the FSA’s director of enforcement.

“We are determined to stamp this out.”

The FSA, which adopted a tougher approach to enforcement after the 2008 crisis led to criticism of its previous “light touch” style of regulation, has now secured 21 insider dealing convictions since 2009.

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