Courts / Antrim / Report
First person convicted of insider trading in history of State avoids jail
Summary
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.
Who, what, where, when and why
What: Report matter: First person convicted of insider trading in history of State avoids jail. Charges or matters: engaging in insider dealing on dates between May 18 and 22, 2020, when he used sensitive market information to sell shares before that information was made public. Procedural stage: sentence
When:
- May 18 Hearing Or Sentence
- May 2020 Hearing Or Sentence
- Monday, May 18, 2020 Other
- Friday May 22, 2020 Hearing Or Sentence
- May 19 Hearing Or Sentence
- May 20 Other
- August 2021 Incident
- September 2022 Incident
- 2024-03-22 Publication
Why: The court heard that in May 2020, Open Orphan decided to sell additional shares on the market at a discounted rate in order to raise €12 million in capital and fund growth. Court evidence reported by CNI
Case subjects
Convicted Person
Charges: engaging in insider dealing on dates between May 18 and 22, 2020, when he used sensitive market information to sell shares before that information was made public (Admitted)
Plea: Guilty
Outcome: She today suspended the sentence in full. 63-year-old Service had pleaded guilty to engaging in insider dealing on dates between May 18 and 22, 2020, when he used sensitive market information to sell shares before that information was made public.; The defendant, of Sunnyvale Avenue, Portrush, Co Antrim, was fined £60,000 last December and was told he faced a potential term of imprisonment of 18 months upon finalisation of his sentence this month.
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