In January the FSA had obtained a twenty seven month conviction for Neil Rollins, in respect of five counts of insider dealing and four counts of money laundering. Following an appeal against the sentence in June, Mr Rollins' sentence was reduced to eighteen months. The basis for the reduction included the fact that Mr Rollins subsequently demonstrated remorse for his actions and that the trial judge had failed to pay sufficient regard to the four year delay in the case coming to trial. In relation to the latter point, the court noted that there was a six month delay between the date that Mr Rollins was last interviewed by the FSA and the charges. The outcome of this appeal may encourage the FSA to act more promptly in seeking to secure charges in market abuse cases.
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