Corporate fraud lawyers listen to defence

Published on 28 May 2010 under category: legal

A former finance director told corporate fraud lawyers at his trial this week that his friends had only bought shares in his biotech company because he had been so passionate about its products.

Andrew King, who worked at NeuTec Pharma is accused of leaking news of its 350 million takeover by Novartis. He appears alongside two men who bought shares in the companies before its takeover. Collectively, they are charged on eight counts of insider dealing.

The Times newspaper reported yesterday (May 28th) that Mr King told the court that he had said to friends and family: I work for the most amazing company that will save many lives and make me very wealthy one day. However, he denied that he had encouraged the two other men to buy the shares. NeuTech had been investigated for suspicious activity prior to the FSA's charging of the three men earlier this year. The trial is one following a series of major convictions this year by the finance watchdog, which could mean that more firms may want to call in corporate fraud lawyers.

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