Today at Southwark Crown Court, Matthew and Nikolas West pleaded guilty to insider dealing, following a prosecution brought by the UK Financial Conduct Authority (FCA).

Between November 2016 and January 2020, Matthew West used confidential, inside, information to deal in shares in four companies: Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited.

Matthew West also disclosed inside information to his brother Nikolas West in relation to a fifth company, Asimilar Group Plc. Nikolas West used this inside information to deal.

The total profits from the dealing were £42,948.

Matthew West obtained the inside information from brokers that contacted him legitimately. He then disclosed and traded using this information, which is against the law.

Matthew and Nikolas West worked as professional day traders using their own accounts and through companies controlled by them, which is why they received inside information from brokers.

Brokers provide legitimate information via ‘wall crossing’. Wall crossing means providing non-public and price-sensitive information to a third party, and it is a legitimate practice in financial markets. When investors are ‘wall crossed’ there is a non-trading and confidentiality agreement in place.

The pair pleaded guilty to six instances of insider dealing. They will be sentenced on 3 July 2025 at Southwark Crown Court. The FCA will also apply for confiscation orders in relation to proceeds of crime.