Former UK Ambassador Fined For Insider Trading

Law360, New York (November 13, 2008, 12:00 AM EST) -- The U.K. Financial Services Authority has fined a former British ambassador and a Belgian businessman nearly £200,000 ($295,000) for insider trading.

The FSA said Thursday that Richard Ralph, a former British ambassador to Peru and one-time executive chairman of mining company Monterrico Metals PLC, asked a friend to buy him £30,000 ($44,000) worth of shares of Monterrico in January 2007.

Filip Boyen, a Belgian businessman, purchased the shares for Ralph while the company engaged in takeover talks, negotiations that prohibited Ralph from dealing with company stock,...
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