The UK Financial Conduct Authority (FCA) has fined Russel Gerrity £309,843 for using inside information to net himself £128,765.

As a consultant, Mr Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. Between October 2018 and January 2022, he took advantage of this and used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price.

On another occasion, he used inside information to avoid a loss. He sold shares that he already owned ahead of an announcement that no oil or gas had been found, which then resulted in a price fall.

The FCA was initially notified of some of Mr Gerrity’s trading through Suspicious Transaction and Order Reports (STORs) submitted by a firm, showing the vital role of industry in uncovering market abuse.

During its subsequent investigation, the FCA’s systems detected further suspicious trades placed by Mr Gerrity, over multiple accounts with different brokers, while he was based outside of the UK.

Mr Gerrity agreed to solve this matter and qualified for a 30% (stage 1) discount under the FCA’s settlement procedures.