A Barclays employee has been charged in the US in connection with a $4.8 million insider trading scam.
Federal prosecutors are alleging that Matthew Devlin of Barclays Wealth made use of information gleaned from his wife, who works for international public relations firm, Brunswick Group.
Four other Barclays Wealth bankers have been charged with conspiracy and securities fraud.
In her role at Brunswick, Mrs Devlin has been involved in at least 12 company mergers, including InBev’s takeover of Anheuser-Busch and Dow Chemical’s acquisition of Rohm & Haas.
Mr Devlin allegedly passed on information about the deals to traders and members of the legal profession, in return for cash and gifts.
At the time of the alleged offences, Mr Devlin was employed by Lehman Brothers and his activities first came to light during an operation to expose insider traders.
When the investment bank collapsed in September, Barclays rapidly acquired its New York investment banking and capital markets businesses.
Mrs Devlin is reported to be an innocent party to the events; according to Brunswick, the information was revealed only because her spouse was in close proximity and able to consider the implications of her travel schedule.
The company says there is no indication that Mr Devlin accessed Brunswick’s confidential systems.
Source : Here
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