Konstantin Vishnyak, 41, has appeared at Westminster Magistrates’ Court in relation to one count of destroying documents that he knew to be, or suspected of being, relevant to an investigation. He denies the charge.

This is the first prosecution by the FCA of someone suspected of destroying documents in contravention of the Financial Services and Markets Act 2000. The FCA was investigating Vishnyak on the subject of insider dealing. It alleges that he deleted a WhatsApp message on his mobile phone after being told to hand it over to the investigators.

The proceedings have been transferred to Southwark Crown Court, where he will appear on 4 October. He has been granted bail until that hearing.

Section 177(3)(a) FSMA states that a person who knows or suspects that an investigation is being, or is likely to be, conducted in accordance with Part XI of the Act is guilty of an offence if he falsifies, conceals, destroys or otherwise disposes of a document which he knows or suspects is (or would be) relevant to such an investigation, unless he shows that he had no intention of concealing the facts in the document from the investigator in question.