Court archive

Court reports mentioning PORTRUSH, Antrim

2024-03-22 · Antrim

First person convicted of insider trading in history of State avoids jail

Declan Service, 63, was convicted of insider trading for selling shares in Open Orphan before the company's discounted share offering was publicly announced. He used confidential information from a Zoom briefing on 18 May 2020 to instruct his broker to sell his 3.89 million shares, then bought back a smaller amount at the discounted price on 22 May 2020, making a profit of about £11,500. Service pleaded guilty and was fined £60,000. Judge Elma Sheahan, after considering mitigating factors such as his cooperation, lack of prior convictions, and mental health issues, suspended the 18‑month custodial sentence in full. The case was brought by the Garda National Economic Crime Bureau following a report from Goodbody stockbrokers and the Central Bank. Service is a former multinational employee now working as a carer and has a history of charitable work.

2023-12-20 · Antrim

First person convicted of insider trading in history of State fined £60k

Declan Service, a 63‑year‑old former multinational employee now a carer, was fined £60,000 at Dublin Circuit Criminal Court for insider trading. Between 18 and 22 May 2020, he used confidential information about Open Orphan's discounted share sale to sell his 3.89 million shares before the public announcement and then buy back a smaller amount at the lower price. The court heard he made a profit of about £11,500, which could have risen to £44,000 if he had held the shares for a year. Service pleaded guilty, admitted the wrongdoing, and expressed regret. He faces a potential 18‑month prison term when sentencing is finalised next February. The judge noted his cooperation, good character, and mental health issues as mitigating factors, but confirmed the insider‑trading offence. The fine was ordered to be paid to his solicitor's account.