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Former BlackRock Portfolio Manager Jailed For 18 Months

Josh O'Neill

22 December 2016

Former commenced an investigation into suspicious trading by Lyttleton as the regulator suspected him of placing trades in stocks on the basis of inside information gleaned by him during his time with BlackRock's investment management arm, where he worked as a fundamental equity portfolio manager.

“Lyttleton’s insider dealing involved a gross abuse of the trust placed in him as a senior fund manager.  He tried to hide his misconduct through the use of unregistered mobile phones and setting up a company in his wife’s maiden name in an overseas jurisdiction.  None of this meant he could avoid detection,” said Mark Steward, executive director of enforcement and market oversight at the FCA.

In sentencing Lyttleton, Judge Goymer remarked: “Insider dealing is not a victimless crime, I regard these offences as pre-meditated and blatantly dishonest.”