At Southwark Crown Court today, brothers Matthew and Nikolas West admitted to insider dealing following an investigation and prosecution by the Financial Conduct Authority (FCA).

Between November 2016 and January 2020, Matthew West engaged in insider trading by using confidential information to buy and sell shares in four listed companies: Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited.

In addition, Matthew West shared inside information with his brother, Nikolas West, concerning a fifth company, Asimilar Group Plc. Nikolas then used this non-public information to make trades of his own.

The combined profit from these illegal activities amounted to £42,948.

Matthew West had obtained the insider information through legitimate interactions with brokers, but went on to use and disclose that information unlawfully for financial gain.

Both brothers pleaded guilty to six counts of insider dealing. Sentencing is scheduled to take place on 3 July 2025 at Southwark Crown Court. The FCA also intends to seek confiscation orders to recover the proceeds of the crime.

Commenting on the case, Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:

“Matthew West repeatedly tried to make a quick profit at the expense of the rest of the market. As professional investors, the West brothers clearly knew what they were doing was wrong.
Fighting financial crime is a priority for the FCA. We will clamp down hard on those like the Wests who undermine the integrity of UK markets.”