County Antrim man fined £60k for insider trading
A County Antrim man is the first person ever to be convicted of insider trading in the Republic of Ireland.
Declan Service, of Sunnyvale Avenue, Portrush, was fined £60,000 and told he faces a potential 18-month prison term when his sentence is finalised.
The 63-year-old carer pleaded guilty to engaging in insider dealing on dates between 18 and 22 May 2020.
He used sensitive market information to sell shares in a pharmaceutical company before it was made public.
Dublin Circuit Criminal Court was told he used inside knowledge to offload his shares in the company days before buying them again at a discounted rate.
Service, who is suffering from bowel cancer, prostate cancer and long-term depressive illnesses, made a profit of about £11,500.
The court was told that would have risen to £44,000 if he had retained his shares for a year.
Full admissions
The alarm was raised when a stockbroking firm, who Service was a client of, alerted the Irish Central Bank to suspicious transactions he had made.
A detective garda (Irish police) told the court Service made full admissions and accepted everything that was put to him.
The court heard he told police: "I truthfully didn't realise I had done anything wrong. I acted innocently in my mind. It's not in my DNA to do something I know to be illegal."
Service moved to Northern Ireland in 2021, having previously worked for healthcare companies in the US and Ireland.
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