Gardaí are preparing a file for the Director of Public Prosecutions after releasing two men arrested on Friday as part of an investigation into suspected insider trading. Photograph: Colin Keegan/Collins PhotosThe Irish Times has established that the individual at the centre of the investigation is a veteran of the State’s international funds sector.
“Both men were released without charge and a file will now be prepared for the Director of Public Prosecutions.” It was reported on Friday that suspect is alleged to have made about €900,000 overnight after buying shares in an unnamed company before a key announcement from the business was made in 2020.
The court heard that Service, who was suffering from cancer and long-term depressive illnesses, effectively gambled his retirement fund by using inside knowledge to offload his shares in a pharmaceutical company days before buying them again at a discounted rate. Separately in 2022, the president of the High Court confirmed a number of penalties on high-profile businessman Philip Lynch for insider dealing.