Four defendants had each been charged with conspiracy to commit insider dealing. The case followed an investigation by the Serious Fraud Office that had begun in March 2001. Between 1 June 1997 and 28 April 2001 the four had conspired to deal in shares on the stock exchange. 

The shares were price-affected securities in relation to information that had been disclosed by Norman Payne, who was then employed as a proofreader with St Ives financial printer Burrups.

Payne left Burrups in April 2001.  That year police  had uncovered price-sensitive documents that Payne had passed onto Richard Spearman's wife Catherine, and her business partner Michael Smith.

An earlier trial in January this year failed to reach a verdict on the charges against Richard Spearman, and a retrial was set

Three other defendants who had pleaded guilty were sentenced last year.

Story Andy Scott