Hampstead and Muswell Hill bankers convicted over Britain’s biggest ever insider trading scam
PUBLISHED: 18:04 09 May 2016 | UPDATED: 18:04 09 May 2016
Two bankers from Hampstead and Muswell Hill have been found guilty in Britain’s biggest insider trading scam.
Martyn Dodgson, 44, used military-grade encryption software and Panamanian bank accounts in the scam, which netted up to £7.4m.
Dodgson, of Well Road, Hampstead, a former managing director of Deutsche Bank’s corporate broking team, is one of the most senior City figures ever to be convicted of insider dealing.
He was convicted with accountant Andrew Hind, 56, of Princess Avenue, Muswell Hill.
Hind is a former adviser to retail billionaire Sir Philip Green.
The scam was described as the largest and most complex investigation ever done by the Financial Services Authority (FSA).
Jurors heard the pair traded tips, and prosecutors said they made £7.4m by trading stocks.
Dodgson, who acted as a treasury advisor in its bailout of RBS and Lloyds, had also held senior roles at banks including Cazenove and Lehman Brothers.
But, prosecutors said, he became obsessed with having a personal £5m fortune.
Dodgson admitted he had an Iron Key – an encrypted USB stick that allows users to surf the internet with no record being logged of sites visited or searches made – locked in a safe in his Hampstead home.
His long-time friend Hind had three Iron Keys of his own, but refused to reveal the password for any of them.
Prosecutor Mark Ellison said: “It suggests that Mr Hind was a little worried about what the FCA might find on his computer by his use of the Iron Keys.”
The duo will be sentenced on Thursday.
Benjamin Anderson, 71, Iraj Parvizi, 50, and Andrew ‘Grant’ Harrison, 46, were all cleared of the same charge at Southwark Crown Court today.