The UK's Financial Conduct Authority has fined Gavin Breeze £59,557 for engaging in market abuse in the form of insider dealing and has also publicly censured him for improper disclosure.

The FCA found that Breeze, who holds several directorships of private companies and is also a non-executive director of one business listed on the Alternative Investments Market, tried to sell his entire 8% shareholding in MoPowered plc while in possession of inside information. Had he been successful, he could have avoided a loss of up to £242,000. He also passed the inside information onto another shareholder. In addition to the fine and censure, the FCA has ordered him to pay restitution amounting to £1,850 plus interest of £259 to the people who suffered financial losses as a result of his actions. The people who bought Breeze’s shares did so at a higher price than they would have done had the information known to him been public.

Breeze made admissions in interview and proactively co-operated with the FCA’s investigation, for which he received a discount of 15%. In agreeing to settle at the earliest opportunity, he received a further discount of 30%; but for this, the FCA would have imposed a penalty of £85,057.