First criminal market abuse case win for FSA

Two former directors of AIT Group, the AIM-listed software company, have been found guilty of criminal market abuse. On 18 August Carl Rigby ex-chief executive, was convicted under section 397(l)(c) of the Financial Services and Markets Act 2000 (FSMA) of recklessly making a statement to the market that was misleading, false or deceptive in a material particular. On 16 August Gareth Bailey, previously the firm’s finance director, was convicted under the same subsection. The jury was unable to reach a verdict on the more serious count that Mr Rigby had “knowingly” misled investors under section 397(l)(a). Mr Bailey was acquitted on this count and Alistair Rowley, the former sales director, was cleared of both charges.