In a case brought by the UK regulator, investment banker and former FSA-approved person Thomas Ammann has been sentenced to two years and eight months imprisonment for two counts of insider dealing and two counts of encouraging insider dealing. But for an early guilty plea the sentence would have been one of four years, the Financial Services Authority said.

By virtue of his employment at Mizuho International, Ammann had access to inside price sensitive information relating to a takeover and encouraged two women, Christina Weckwerth and Jessica Mang, to buy shares prior to the acquisition being announced.

Following the announcement of the acquisition the women sold their shares for a profit, which they then shared with Ammann. Last month, a jury found that both women were not jointly involved with Ammann and his insider trading.

The FSA emphasised that it makes no criticism of Mizuho International and thanked the Cyprus Securities and Exchange Commission, the public prosecutor’s office in Frankfurt and the police and prosecution authority in Hessen for their assistance.