Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Investment banker pleads guilty in love triangle insider dealing case

Investment banker pleads guilty in love triangle insider dealing case

Investment banker Thomas Ammann has pleaded guilty to two counts of insider dealing and two counts of encouraging insider dealing, while two women, both claiming to be his girlfriend, were acquitted.

In a trial at Southwark Crown Court it was heard that Ammann passed information to Christina Weckwerth and Jessica Mang and encouraged them to trade in shares of Océ prior to an acquisition being announced.

Both considered Ammann to be their boyfriend and had no idea of the other's existence, the court was told.

After the Océ acquisition was announced, both Weckwerth and Mang sold their shares for a substantial profit. Weckwerth made €1 million (£800,000) and Mang £29,000, and both shared half their profits with Ammann.  

According to the Financial Services Authority (FSA), which brought the case, Ammann was an investment banker working at Mizuho International.

In late 2008 and 2009 Mizuho was advising Canon, the multi-national technology company, on its acquisition of Océ, a medium sized Dutch company making photocopiers, scanners, related software and accessories.

The FSA said Ammann was one of the very small team at the bank working on the acquisition and had access to inside price sensitive information.

Ammann will be sentenced at a later date. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Volatility is back, Europe's future & Ethical's key moment

Volatility is back, Europe's future & Ethical's key moment

This week’s episode of Investment Pulse takes a look at European prospects, FTSE volatility and whether public pressure is about to provide a push for ethical investment

Play Volatility spike: How ETFs can soften the blow

Volatility spike: How ETFs can soften the blow

ETFGI’s Deborah Fuhr discusses the role of ETFs in client portfolios during volatile market conditions

Play Winter market warmers, the post QE world and timing the Fed

Winter market warmers, the post QE world and timing the Fed

This week’s episode of Investment Pulse looks at the winding down of quantitative easing, whether to try and time a US Federal Reserve rate rise and if strong seasonal performers can reverse recent market slumps

Wealth Manager on Twitter