LONDON (Reuters) - A former star fund manager in the London office of asset manager BlackRock <BLK.N> on Wednesday was sentenced to 12 months in jail after pleading guilty to two counts of insider dealing.
Mark Lyttleton, 45, admitted buying shares in EnCore Oil and Cairn Energy <CNE.L> ahead of public announcements from both firms, after hearing privileged information from colleagues.
Lyttleton wearing a gray suit, a blue-and-white tie and white shirt sat impassively as the verdict was read out in a London court.
The Financial Conduct Authority, Britain's markets regulator, said he made a net profit of about 35,000 pounds by buying the two stocks through an overseas asset manager trading on behalf of a Panamanian-registered company.
Lyttleton is one of the highest-profile figures to be sentenced in Britain for insider trading.
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