Four persons appeared at City of London Magistrates Court today on charges relating to the unlawful use of price sensitive information.
Following a joint investigation with the fraud squad of the City of London Police, the following persons have been charged with conspiracy to contravene the provisions of section 52 of the Criminal Justice Act 1993 contrary to section1 (1) of the Criminal Law Act 1977.
- Norman George Payne (49) of Epping.
- Michael David Smith (47) of Loughton
- Catherine Louise Spearman (50) of Epping
- Richard John Spearman (50) of Epping
It is alleged that between 1 June 1997 and 28 April 2001, the defendants conspired together, and with others, to deal on a regulated market, namely the London Stock Exchange, in securities that were price-affected securities in relation to inside information disclosed by defendant Norman Payne other than in the proper performance of the functions of his employment at Burrups Ltd, a financial printing company. (Mr Payne ceased to be employed by Burrups in April 2001).
This case was accepted for investigation by the SFO in March 2001 following a referral by the DTI.
All four defendants have been released on bail and have been sent to be tried (on a date yet to be set) at the Crown Court pursuant to section 51 of the Crime and Disorder Act 1998.
Serious Fraud Office, Elm House, 10-16 Elm Street, London WC1X 0BJ
Press Office tel. 020 7239 7000 Mobile 0781 807 6688 or 0787 966 7164
