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A British executive was fined for insider trading.

July 02, 1987

Geoffrey Collier, the first person convicted under Britain's insider trading law, the 1985 Companies Securities Act, was fined the equivalent of $37,500 (U.S.) and given a one-year suspended sentence. The 37-year-old former official of Morgan Grenfell Securities pleaded guilty to two charges of using inside information to purchase shares of Cadbury-Schweppes and the AE engineering group last year. The court heard testimony that Collier had telephoned a friend and former colleague in Los Angeles, Michael Cassel of the brokerage firm Vickers da Costa, and asked him to buy the shares.

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