Court Hears of Journalists' 'Manipulation'
Prosecutors allege that 2 journalists tipped shares they owned, breaching Financial Services Act
19th October 2005
A court has heard prosecutors allege that two financial journalists for the Daily Mirror manipulated the price of shares through their column, leading to profit and a breach of the Financial Services Act.
44 seperate incidents of alleged 'share ramping' took place in 1999 and 2000, where the journalists were accused of tipping shares they owned through their column, in order to inflate the price, before selling at a profit.
Prosector Philip Katz said that this was a 'clear confilct of interest', and that failing to disclose this to their readers gave a 'hugely misleading impression' of the value of shares they tipped.
Both journalists were sacked in February 2000 when the allegations came to light.
Read More: BBC : Journalists 'manipulated' shares
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