Stockbroker fined for insider dealing blunder

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In May 2007, Mark Lockwood, who then worked at brokers Hoodless Brennan, was asked by the client if he could sell the shares he owned and then pick shares up more cheaply in the next day's share placing in oil and gas explorer Amerisur.

The client, who was also fined by the Financial Services Authority last December, told Lockwood he did not want "to break any rules". Lockwood replied: "You're not breaking any rules by that. That's fine basically."

The FSA said today that Lockwood knew in effect that his client had been made an insider because he had been contacted by Amerisur's corporate broker Blue Oar to ask if he would take part in the new share placing. Under FSA rules, brokers who know their clients want to trade on insider knowledge must not only prevent the deal but also tell the City watchdog about it.

Two of Lockwood's clients Stewart McKegg and Brain Valentine Taylor were fined £14,400 and £4,600 by the FSA at the end of last year.