UK's Financial Services Authority is apparently considering, for the first time, using its power to bring criminal charges for financial crimes. Typically the regulator has opted to rely on civil penalties but a recent case has prompted a bit of butching up on the part of the FSA.

The unlucky ne're-do-wells taking the brunt of the FSA's man-up are Christopher McQuoid and James William Melbourne who stand accused of insider trading on shares of TTP Communications, ahead of an announcement that the firm was to be acquired by Motorola. McQuoid was, at the time, general counsel for TTP.

Both gentlemen are out on bail at the moment, with a court date set for Feb 19th.

Further details via the Financial Times.

-- MDT

Labels: Christopher McQuiod, FSA, insider trading, James Melbourne, Motorola, TTP Communications