UK: Former British Ambassador to Peru Fined for Insider Trading by FSA

Richard Ralph

The UK’s Financial Services Authority announced today that Richard Ralph, a former British ambassador to Peru, has been fined 118,000 pounds for insider trading last year in the shares of Monterrico Metals, a mining company of which he was executive chairman.  The FSA said that Ralph and Filip Boyen, a friend who was fined 82,000 pounds, had both traded in the company’s shares on the basis of inside information, Reuters reports.

Margaret Cole, the FSA director of enforcement, stated that Boyen and Ralph had fully cooperated fully with the FSA investigation “by coming forward and providing us with information about market misconduct and as such we were more lenient.  But for that co-operation, we would have seriously considered taking criminal proceedings.”

Read the Reuters article