A long-running insider trading case has Monday resulted in two guilty verdicts and three acquittals.
Accountant Andrew Hind and former banker Martyn Dodgson have been found guilty by the majority of a jury.
Meanwhile, former Panmure Gordon stockbroker Andrew Grant Harrison, private day trader Benjamin Anderson and former Aria Capital director Iraj Parvizi have all been acquitted on the same charge.
The case was nicknamed Tabernula after the Financial Services Authority and Serious Organised Crime Agency operation which prompted it. It was ultimately brought to court by the Financial Conduct Authority (FCA).
"The message is loud and clear that the FCA will not tolerate sophisticated predatory criminals abusing our markets," said Mark Steward, director of enforcement and market oversight at the FCA. "This case demonstrates our capability and determination to root out this kind of abuse and ensure our market and the investing public are properly protected."
The trial started in January, after several years of delays, in part because government's legal aid cuts caused some of the defendants to lose their legal counsel.
The jury was originally retired to consider its verdict on 25 April, and was instructed that majority verdicts, as opposed to unanimous ones, would be accepted on Friday.
"Although only a partial success, today’s convictions will be a relief for the FCA which had staked its reputation as a criminal prosecutor on the outcome of this case," said Elly Proudlock, counsel in WilmerHale’s UK investigations & criminal litigation practice. "The FCA has shown that it can successfully prosecute complex insider dealing cases beyond the print room, although it’s fair to say that it has been a long time coming."
Meanwhile, Sarah Wallace, head of regulatory & criminal investigations group, London at Irwin Mitchell, added: "The FCA may be questioning whether they directed their resources at prosecuting the right people."
Sentencing for Hind and Dodgson is due to take place at a later date.