Two Brothers Plead Guilty to Corruption Charges in FCA Prosecution

In a case that highlights the Financial Conduct Authority’s ongoing crackdown on market abuse, two brothers have admitted to insider dealing offences totalling nearly £43,000 in illegal profits. Matthew and Nikolas West pleaded guilty today at Southwark Crown Court following an FCA-led investigation and prosecution.

Unauthorised Use of Confidential Market Information

Between November 2016 and January 2020, Matthew West engaged in illegal share dealing across four companies: Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited. He traded using confidential inside information obtained from brokers who had contacted him in a legitimate business context. Rather than acting within the bounds of professional conduct, Matthew chose to exploit this privileged information for personal gain.

The investigation also revealed that Matthew disclosed insider information regarding Asimilar Group Plc to his brother, Nikolas West, who subsequently used the information to conduct illicit trades. This deliberate misuse of market-sensitive data led to six separate instances of corruption through insider dealing, generating unlawful profits amounting to £42,948.

FCA Vows Firm Action Against Market Abuse & Corruption

Both brothers will be sentenced on 3 July 2025 at Southwark Crown Court. The FCA has confirmed it will apply for confiscation orders under the Proceeds of Crime Act, seeking to recover the gains made through their illegal activity.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, stated:

Matthew West repeatedly tried to make a quick profit at the expense of the rest of the market. As professional investors, the West brothers clearly knew what they were doing was wrong. Fighting financial crime is a priority for the FCA. We will clamp down hard on those like the Wests who undermine the integrity of UK markets.

Implications for Market Participants

The case underscores the FCA’s zero-tolerance stance on corruption and insider dealing and its commitment to maintaining the fairness and transparency of UK financial markets. It also serves as a reminder to all professionals operating in the sector that the misuse of confidential information, even when obtained incidentally, constitutes a criminal offence with serious consequences.

This latest conviction forms part of a broader regulatory push to deter financial misconduct and reinforce the United Kingdom's reputation as a safe and trusted place to invest.

Read the press release here.