Corby company boss charged over £138k of alleged insider dealing
He’s facing a trial in London
A manager at a Corby packaging firm has been charged with insider dealing following a £261m takeover deal.
Stuart Bayes, 55, was a general manager at the RPC Group's thermo-forming factory at Sallow Road in Corby when the public limited company, which is headquartered at Rushden, bought British Polythene Industries for £261m back in 2016.
The Financial Conduct Authority (FCA) launched an investigation into an alleged illegal profit of £138,700 from insider dealing they believe occurred between May 2 and June 10, 2016.
The deal was publicly announced on June 9 of that year. The investigation involved the trading of shares in BPI ahead of that announcement.
The independent regulator, which oversees the financial services industry and operates independently of the Government, has now charged Stuart Bayes, of Uppingham Road, Caldecott, and Jonathan Swann, 50, of Market Harborough, with insider dealing.
Bayes has also been charged with improperly disclosing inside information, or encouraging another, whilst being an insider, to engage in dealing.
The pair appeared at Westminster Magistrates’ Court last week and their case has been sent for trial to Southwark Crown Court where the pair will appear next month.
Insider dealing is potentially punishable by a fine and/or up to 7 years’ imprisonment.
Bayes has since moved on from his role at RPC, it is understood. The firm makes plastic food packaging for big-name brands including Heinz and Old El Paso.