Best-FCA Defence Solicitors Bark & Co Lawyers Retained in Criminal Investigation by the Financial Conduct Authority Prosecution into Stock Market Manipulation & Abuse at the London Stock Exchange (LSE)
Operation Gillingham
The FCA began a criminal investigation into Worthington Group plc in 2016 after share suspension in 2014. Aidan Earley, Ware, Spurway, and Biggar face charges of fraudulent trading and running a ‘pump and dump’ scheme to mislead investors and inflate share prices. Earley is also charged with breaching a director disqualification, and Wulstan Earley with money laundering. The alleged offences occurred between 2012 and 2016. All five appeared in court in October 2022.
Bark & Co Lawyers Defend Prosecution into Stock Market Manipulation & Abuse at the London Stock Exchange (LSE)
In April 2016, the Financial Conduct Authority (FCA) initiated a criminal probe into suspected market manipulation and abuse, following the suspension of Worthington Group plc’s (WRN) shares from the Main Market and Official List of the London Stock Exchange on 10 October 2014.
Aidan Earley, Douglas Ware, Richard Spurway, and Allan Biggar have each been formally accused of two counts of fraudulent trading. Ware held the positions of CEO and director, Spurway was also a director, and Biggar served as a media consultant. Despite being previously banned from serving as a company director, Aidan Earley is alleged to have played an active role in managing WRN. All four individuals are accused of collectively overseeing the company’s operations.
The first charge asserts that, between 1 June 2012 and 21 November 2016, the defendants deliberately withheld the company’s insolvent status from the market, shareholders, and its pension scheme. This was allegedly done for personal benefit or to advantage others, resulting in financial losses for new investors.
The second charge pertains to an alleged ‘pump and dump’ scheme, said to have taken place from 1 March 2013 to 10 October 2014. It is claimed that the accused released misleading statements regarding agreements with companies in the energy, media, and mining sectors, with the aim of artificially boosting the company’s share price. This allowed them to profit from selling their holdings, allegedly at the expense of misled investors.
Aidan Earley also faces a separate charge for violating a disqualification order, under Section 13 of the Companies Directors Disqualification Act 1986.
Additionally, Wulstan Earley has been charged with money laundering, in connection with proceeds derived from the sale of WRN shares, under Section 327 of the Proceeds of Crime Act 2002. The alleged misconduct spans the period from June 2012 to November 2016.
Additional Relevant FCA Case Information:
• Worthington Group plc was first admitted to the LSE’s Main Market on 11 January 1954. The company moved to a Standard Listing on 4 May 2011. Its shares were suspended on 10 October 2014, and it entered compulsory liquidation on 21 November 2016.
• Birth dates: Aidan Earley – 24 Jan 1967; Douglas Ware – 5 May 1951; Richard Spurway – 31 Mar 1954; Allan Biggar – 27 Jan 1963; Wulstan Earley – 6 Feb 1962.
• Fraudulent trading, as defined under Section 993 of the Companies Act 2006, can result in up to 10 years’ imprisonment and/or a fine.
• Convictions for money laundering can carry penalties of up to 14 years in prison and/or a fine.
• Breaching a director disqualification order is punishable by up to 2 years’ imprisonment and/or a fine.
Go To Our Best Defence Solicitors for FCA Investigations and Criminal Prosecutions Page
