Former fund manager pleads guilty to insider dealing through Panamanian company

2nd November 2016

Mark Lyttleton, a former equity portfolio manager at BlackRock, has today pleaded guilty to two counts of insider dealing.  He will be sentenced on 21 December 2016.

Mr Lyttleton admitted dealing on the basis of insider information he obtained during the course of his employment at BlackRock.  In his role in the fundamental equity team at Blackrock Mr Lyttleton was able to discover and act on inside information either by working on the deals concerning the stocks or being party to conversations conducted by colleagues.  The two stocks concerned are EnCore Oil Plc (between 1 October 2011 and 13 October 2011) and Cairn Energy Plc (between 4 November 2011 and 17 December 2011).

Mr Lyttleton was able to use the inside information to inform his purchase of shares a short time before any public announcement was made about the stocks concerned.  The trading was conducted by Mr Lyttleton through an overseas asset manager trading on behalf of a Panamanian registered company.

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