A former Deutsche Bank managing director at the centre of the U.K.’s biggest insider trading case said nerves, and the aftermath of a night of drinking, resulted in his misleading answers to police and regulators during his initial questioning in 2010.
Bloomberg News reports that Martyn Dodgson, one of five men on trial in London, said he was worried about the effect of his arrest on his career and family. That led him to give "a misleading impression" to regulators "as to the nature of the relationship" with an accountant who is a co-defendant in the case and their participation in spread betting.
The trial is the culmination of a probe that started with a series of dawn arrests in 2010. Prosecutors from the Financial Conduct Authority say the men traded tips that helped them make $10.5m in profits trading six stocks, including Sky and Legal & General.
"I understood exactly what was being presented to me in relation to the allegation," Dodgson told the court Thursday during his fourth day of testimony. "The combination of being out late and drinking combined with the shock and fear of what my wife and family were going through, I suspect, made me act with the maximum amount of defensiveness."
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