Four men arrested and released in Garda market abuse probe

An Garda Síochána arrested four men aged in their 50s, 60s and 70s on suspicion of insider trading breaches. All were released without charge; files are being sent to the DPP.

Garda National Economic Crime Bureau arrests four men over EU market abuse regulations

Four men have been arrested and released without charge as part of a Garda investigation into suspected breaches of EU market abuse rules, the Irish Independent reports.

An Garda Síochána confirmed that between 29 and 30 September, four men — aged in their 50s, 60s and 70s — were detained on suspicion of market abuse contrary to Regulation 5 of the EU (Market Abuse) Regulations 2016. The arrests followed a two-day operation by detectives from the Garda National Economic Crime Bureau (GNECB).

Regulation 5 makes it a criminal offence to engage in, attempt to engage in, recommend or aid insider dealing — defined as the buying or selling of a public company's stock using non-public information.

The four men were held at a Garda station in the east of the country under Section 4 of the Criminal Justice Act 1984. All four were subsequently released without charge. Files will be prepared for the Director of Public Prosecutions in relation to each of them.

The GNECB investigation arose from a formal referral by the Central Bank of Ireland under Section 33AK of the Central Bank Act 1942, which requires Central Bank staff to report any information indicating that a criminal offence may have been committed by an entity it supervises.

An Garda Síochána said the Central Bank's prior work had been essential to the operation. "The extensive investigation carried out by GNECB has progressed with the assistance of personnel attached to the Central Bank of Ireland and their expertise and experience has been invaluable," the force said in a statement.

Gardaí added that the case is one of several active market abuse investigations currently being pursued by the GNECB.

Source: Irish Independent