Ex-BlackRock manager Lyttleton jailed after insider trading conviction

Conor Coyle WebFG News | 21 Dec, 2016 16:05 | | |

  • 474.95
  • 0.20%0.93
  • Max: 479.25
  • Min: 471.66
  • Volume: 395,160
  • MM 200 : n/a
21:00 17/11/17
  • 2,579.27
  • 0.57%14.65
  • Max: 2,583.96
  • Min: 2,577.62
  • Volume: 0
  • MM 200 : n/a
21:00 17/11/17

Mark Lyttleton, a former portfolio manager at BlackRock, has been jailed for 12 months after pleading guilty to insider trading in November.

Lyttleton was the fund manager for the London division of the asset management company, and admitted to purchasing shares in EnCore Oil and Cairn Energy shortly before public announcements about the energy companies.

He was arrested in April 2013 along with his wife Delphine in an operation conducted by the UK Financial Conduct Authority. A month before his arrest he resigned from BlackRock, where he he controlled a $3bn UK stock fund.

The company is not part of the investigation and have said in a statement that his actions were carried out "for his personal gain while off our premises".

The illegal insider trading was conducted through an overseas asset manager in Panama.

Lyttleton apologised for his actions during his sentencing in Southwark Crown Court on Wednesday.

"The first thing Mark Lyttleton would like to say is 'sorry', to the court and all those he has let down," a statement delivered by his lawyer read. "He has embarrassed his wife, his family, his employer and his colleagues. He looks back and asks himself: "what on earth was I doing?" He didn't need the money, so why these idiotic frolics?"

Since leaving the financial services industry shortly before his arrest, Lyttleton has been working as a life coach.

More news

19:07 Europe close: Stocks slip going into the weekend

Stocks reversed early gains as investors opted to play it safe going into the weekend and the euro edged a tad higher on the back of the political gyrations on Capitol Hill.

18:52 Europe open: Stocks start slightly higher, analysts wary

Stocks have started the morning trading slightly higher, tracking overnight gains on Wall Street but analysts are worried about buying into Thursday's bounce.

18:41 London close: Stocks finish week on down note

London's top flight index slipped on Friday, but managed to finish well-off its lows of the session despite renewed Brexit angst as the pound gave back early gains.

16:34 Kingfisher gets RBC upgrade as 'reasons to be cheerful' in France

DIY retailer Kingfisher has more "reasons to be cheerful" thanks to an improving French outlook, analysts at RBC Capital Markets said on Friday, while clothes seller Supergroup remains "compelling" but its shares have gained a lot in recent weeks.

16:33 NAV on the rise as Alpha Real Estate Trust turns focus to build-to-rent market

Real estate investment group Alpha Real Trust saw its net asset value (NAV) rise in its first half of trading as it moved to make further investments in build-to-rent projects.

16:33 Pacific Industrial & Logistics completes sale of Bedford asset

Industrial and logistics-focussed real estate investment trust Pacific Industrial & Logistics has completed the sale of an asset located at Hammond Road, Bedford, for a total consideration of £5.8m, it announced on Friday.

16:27 DP Poland cuts ribbon on 50th Polish Domino's store

DP Poland, which holds the exclusive master franchise for the Domino’s Pizza brand in Poland, celebrated the opening of its 50th location in the country on Friday.

16:24 Mercia Technologies makes new investment into Aston EyeTech

National investment group Mercia Technologies has made a new direct investment into Aston EyeTech - a spinout from Aston University, Birmingham - which has developed a range of proprietary hardware and software products in ocular care, it announced on Friday.

16:19 SimiGon receives final approval for $2m Israeli Air Force order

Modelling, simulation and training solutions provider SimiGon has now received final regulatory approval for a $2m purchase order received from the Israeli Air Force, initially announced on 20 June 2016, it confirmed on Friday.

16:15 Agriterra losses grow after 'subdued' interest in corn products

Agricultural investment group Agriterra saw losses widen in the first half of its trading year as subdued demand for its maize flour products slashed revenues by more than a third.