Jessica Mang, 30, and 44-year-old Christina Weckwerth, two girlfriends of former Mizuho International investment banker Thomas Ammann were found not guilty of illegally trading on tips from him about Canon’s acquisition of OCE NV.
Bloomberg reports that the women nearly doubled the amount they invested and then paid half of their profits to Ammann, the U.K. Financial Services Authority (FSA), which prosecuted the case, had said during the trial in London.
Ammann, a German national who worked on the Mizuho mergers and acquisitions team that advised Canon on the OCE deal, pleaded guilty earlier this year to insider trading and encouraging Mang and Weckwerth to commit insider trading. Canon, the Tokyo-based maker of cameras and photocopiers, agreed to buy OCE in a $931.8m deal in November 2009.
The FSA said that Ammann tried to avoid being caught by having his girlfriends make the trades.
Reuters reports that the FSA said it makes no criticism of Mizuho International plc. A Mizuho spokesperson said: 'The FSA has not expressed any concern about Mizuho International or its systems and controls'.
During the month-long trial it emerged that each woman believed that the ex-banker was their boyfriend and was unaware of the other's existence.