The Financial Conduct Authority (FCA) has fined oil rig consultant Russel Gerrity GBP 309,843 for insider dealing after he used confidential drilling results to trade shares and generate profits. Between October 2018 and January 2022, Gerrity used inside information to buy shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc ahead of announcements that increased their price, netting GBP 128,765. He also used inside information to avoid a loss by selling shares before an announcement that no oil or gas had been found, after which the share price fell. The case originated from Suspicious Transaction and Order Reports (STORs) submitted by a firm, with the FCA’s systems later identifying further suspicious trading across multiple accounts with different brokers while he was based outside the UK. The FCA said the conduct breached Article 14(a) of the UK Market Abuse Regulations. Gerrity settled the matter and received a 30% stage 1 settlement discount, reducing the penalty from GBP 387,448 to GBP 309,843.
Financial Conduct Authority 2026-01-16
Financial Conduct Authority fines oil rig consultant Russel Gerrity £309,843 for insider dealing in oil and gas stocks
The Financial Conduct Authority fined Russel Gerrity GBP 309,843 for insider dealing, using confidential information to trade shares in Chariot Oil & Gas Limited and Eco (Atlantic) Oil and Gas Plc, generating GBP 128,765 in profits. The case, originating from Suspicious Transaction and Order Reports, involved breaches of Article 14(a) of the UK Market Abuse Regulations, with Gerrity receiving a 30% settlement discount.