The U.K. Financial Conduct Authority has charged former BlackRock portfolio manager Mark Lyttleton on Thursday with three counts of insider dealing.
The FCA said in a statement that the charges relate to trading in equities and a call option between Oct. 2, 2011, and Dec. 16, 2011.
Insider dealing is a criminal offense, punishable by a fine or up to seven years in prison, said the FCA.
The financial services register of authorized persons shows Mr. Lyttleton left BlackRock in March 2013.
“The FCA has informed us that the charges against a former employee relate to alleged actions carried out in 2011 for his personal gain, while off our premises, and that neither BlackRock nor any employee was under investigation,” said a BlackRock statement provided by a spokesman. “There was no impact to any of BlackRock's clients as a result of the alleged actions. The alleged behavior is totally contrary to the firm's principles and values, and we strongly support aggressive enforcement of the law in these matters. As charges have now been brought we will not be able to make any further comment.”
