The Financial Conduct Authority (FCA) has initiated criminal proceedings against brothers Matthew and Nikolas West on charges of insider dealing. The case, involving alleged offences between 2016 and 2020, was first heard at Westminster Magistrates Court on October 3, 2024.
The West brothers face joint charges of conspiracy to deal in four stocks while in possession of insider information. In addition, Matthew West has been individually charged with insider dealing related to two stocks. He is also accused of disclosing information to and encouraging his brother Nikolas to trade in these same two stocks. Nikolas West faces separate charges for dealing in these stocks based on the insider information allegedly provided by his brother.
According to the FCA, the brothers‘ alleged illegal activities resulted in profits of approximately £110,000 over the four-year period.
The case highlights the FCA’s ongoing efforts to combat insider trading and maintain the integrity of financial markets. Insider dealing is a serious offence that undermines investor confidence and the fair functioning of markets.
Matthew and Nikolas West are scheduled to appear at Southwark Crown Court on October 31, 2024, where further proceedings will take place. The outcome of this case could have significant implications for both the defendants and the broader financial industry.
