Matthew and Nikolas West have been sentenced for insider dealing, in a prosecution brought by the UK Financial Conduct Authority (FCA).

Matthew West has been sentenced to 15 months’ imprisonment, suspended for 2 years, along with an unpaid work requirement of 200 hours. Nikolas West has been sentenced to 6 months’ imprisonment, suspended for 12 months.

The brothers were both seasoned traders with over 20 years of experience within the UK and overseas, with an extensive network of contacts across the investment community.

The FCA uncovered their misconduct through its market surveillance tools used to detect suspicious behaviour. A subsequent investigation found that within minutes of receiving confidential information, the brothers had coordinated and executed trades, making a profit of nearly £43,000.

However, the court has ordered them to pay back more than £280,000 – reflecting the full value of the shares traded through their criminal conduct, not just the profit they made.

Matthew West, the initial recipient of the inside information, was regularly approached by brokers with investment opportunities, which were subject to strict confidentiality agreements. The opportunities often related to upcoming capital raising plans at companies listed on the Alternative Investment Market (AIM)- a sub-segment of the London Stock Exchange designed for smaller, high-growth businesses.

While Matthew West received the inside information via legitimate broker communications, he unlawfully disclosed this information to his brother Nikolas.

Messages between the pair revealed specific details of the confidential information being shared and showed them discussing how to secure the best profit before the announcements were made public.

They then traded on the information, with most of the trading undertaken by Matthew West. Both were fully aware that their actions breached market rules and undermined the integrity of the financial system.

Matthew and Nicholas West pleaded guilty to six instances of insider dealing on 9 May 2025.