Nicholas Dean QC in successful prosecution for the FSA against market abuse

Nicholas Dean QC led a successful prosecution for the FSA against market abuse when a senior investment banker, his wife and a Singaporean friend admitted carrying out a £2 million insider trading scam.

Christian Littlewood, 37, a former director at Dresdner KIeinwort, which is now part of Commerzbank, pleaded guilty to eight counts of insider trading, Southwark Crown Court was told yesterday.

His wife, Angie, 39, a qualified barrister who had also worked in banking, also admitted eight counts of insider trading. The couple were accused of using confidential share information relating to several companies listed on the London Stock Exchange and AIM markets between 2000 and 2008.

Helmy Omar Sa'aid, 34, a Singapore national, had denied being part of the joint enterpise and was planning to contest the charges at trial.  Sa'aid was scheduled to begin his defence yesterday but instead pleaded guilty to the same offences as the Littlewoods.

Nicholas Dean, QC, for the prosecution, told the court that Christian Littlewood, who worked at Shore Capital after leaving Dresdner in 2007, was the instigator of the scheme.   Between March 2000 and August 2008 he passed on numerous share tips relating to potential takeovers of eight companies.  Sa'aid, a family friend who for a time ran a juice bar in London, and Angie Littlewood were said to have assisted in the scam.

Sa'aid was arrested in March last year in Mayotte, a French territory in the Comoros Islands, near Madagascar.  He is the first person to be extradited to Britain by the FSA in connection with suspected insider trading.

The court was told that £600,000 in assets belonging to Sa'aid had been identified and frozen.  Prosecutors intend to seek confiscation orders against Sa'aid and the Littlewoods.

They will be sentenced on 31 January.