Spearman insider trading trial begins

The trial of Richard Spearman, accused of conspiracy to defraud, heard how proofs originating from St Ives Burrups were found at a business address in Essex.

A statement from St Ives Burrups operations director Elaine Jackson was read to the jury confirming that documents found by police at Epping Paving & Building Supplies in 2001 had come from the financial printer.

The Crown, represented by Tim Langdale QC, alleges that Richard Spearman made an estimated 200,000 from illegal share dealing from 1997 to 2001 using information passed on by an employee of financial printer St Ives Burrups. Spearman denies the charges.

The court was told of the conviction last year of three others involved in the alleged insider-dealing ring after they pleaded guilty. They were the ex-St Ives Burrups employee, Norman Payne, as well as Richard Spearmans wife Catherine, from whom he was separated, as well as Michael Smith.

Richard Spearmans former broker from Laing & Cruickshank Investment Management told the court that the firm had stopped handling his transactions due to trading concerns.

The defence, led by William Clegg, QC, began its case this week with Richard Spearman giving evidence. Spearman claimed that his trading patterns were based on information based on a variety of sources including radio, newspapers, Teletext, and his stockbroker.

The trial, heard before Judge Rivlin QC, continues.

Story by John Davies