The UK Financial Conduct Authority (FCA) fined Dipesh Kerai £52,731 and Bhavesh Hirani £56,000 for insider dealing in Bidstack Group Plc shares. In December 2021, Hirani, as interim CFO of Bidstack (a video game advertising company), accessed confidential information about a major upcoming deal with a large publisher and passed it to Kerai. Hirani then opened a trading account in Kerai’s name and, with Kerai’s assistance, bought 1.3 million shares before the public announcement. The deal disclosure caused Bidstack’s share price to rise over 125%, yielding Kerai more than £9,000 in profit, which the FCA has ordered him to repay. The misconduct was initially detected through Suspicious Transaction and Order Reports submitted by an industry firm.
FCA Fines 2 People for Insider Trading in Bidstack Shares
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