Solicitor Denies Insider Trading

Thu, 19 Mar 2009

A solicitor has denied charges of insider trading after his father in law was able to make £48,900 from buying and selling stocks . 40 year old Christopher McQuoid, who worked for TTP Communications, flatly denied allegations that he tipped off James Melbourne that his employers were on the verge of being taken over by US mobile giant Motorola . Mr McQuoid is accused of banking 50 per cent of his father in law’s profits, though his lawyer attributed this to the kindness of his in-laws. The solicitor’s lawyer suggested that Mr Melbourne had given his son in law the money to cover a bank loan he had taken out to buy a Lexus car . Mr McQuoid insists his father in law never mentioned to him that he was planning on buying the stock, or that he had actually done so.

The lawyer cited the £25,000 gift from Mr Melbourne the previous year to help subsidise the couple’s wedding. Mr McQuoid added his shock when he realised that the Financial Services Authority had begun probing insider dealing and that his father in law’s name was among the list of the purchasers. Mr McQuoid, from Fowlmere, Hertfordshire, and his father-in-law Mr Melbourne, of Broadway, Derbyshire, each deny one count of insider trading .
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