Former boss of shipping company Cory Brothers fined £45,000 for covert share sales
Kevin Gorman has been fined £45,000 by the City watchdog
A former executive of a long established British shipping company has been fined £45,000 by the City watchdog for failing to disclose share trades.
In September, The Mail on Sunday revealed that the Financial Conduct Authority was looking into the trading of Kevin Gorman. He ran the 178-year-old Cory Brothers firm, part of London-listed Braemar Shipping.
Gorman was fired after he failed to disclose £71,000 in trades on three occasions. Stock market rules state that executives must notify an employer and the FCA when making trades.
The FCA said: ‘Transparency of trading by directors and other responsible officers is a key element of market integrity.’
It found no evidence that Gorman traded while in possession of inside information.
Gorman hit back in an employment tribunal with allegations about Braemar, including that staff paid for prostitutes on expenses.
Braemar called the allegations historic and not relevant to the case.