Boston, MA 05/15/2013 (wallstreetpr) – In a probe by the financial watchdog of United Kingdom, the Financial Conduct Authority executed the arrest of Mark Lyttleton, the former manager at BlackRock Inc. (NYSE:BLK). The former manager was reported to have been arrested along with his wife, Delphine for a probe into insider trading.
Crack down on insider trading
The financial watchdog of UK had recently taken over the market abuse and consumer finance enforcement duties from Financial Services Authority. This move was in line with the phasing out of FSA by lawmakers in response to criticisms that it failed to prevent the financial crisis in 2008.
The watchdog is attempting to crack down on the insider trading being practiced by employees at the London financial companies. The Financial Conduct Authority had further proposed to continue its prosecution of seven other people for insider trading, which carries a maximum of seven years imprisonment upon conviction of the fraudulent act.
Mark Lyttleton’s Profile
The former manager at BlackRock Inc. (NYSE:BLK) ran funds including BlackRock UK Dynamic Fund and BlackRock UK Absolute Alpha Fund. The manager was confident that the rising taxes, increase in unemployment and higher cuts in government spending would constrain the growth of the economy. BlackRock UK Absolute Alpha Fund, which bets on stocks falling instead of rising was pushed into bottom 5 percent, despite his predictions proving correct.
Delphine Lyttleton, the former manager’s wife is reported as a life coach and registered homeopath medical practitioner according to her profile in LinkedIn. The company website where she practices, reports that formerly she had worked in an investment bank which she quit due to job burnout. She was also arrested along with Mark Lyttleton, the former manager at BlackRock Inc. (NYSE:BLK) for the probe into insider trading.