Ex-Ambassador Charged with Insider Dealing
30 November 2008
Richard Ralph, former ambassador to Peru and ex-chairman of Monterrico Metals mining company, has been fined £117,691.41 (about US$176,000) by the UK Financial Services Authority (FSA) for insider dealing. Mr Ralph had been involved in takeover discussions for the company, so had access to privileged information regarding the company's share price and potential takeover price. The FSA states that Mr Ralph voluntarily contacted them in December 2007, once he was aware that the authority was investigating suspicious trading prior to the takeover of Monterrico Metals.