Philip Lynch at an annual meeting of One51 when he was chief executive of the group. Photograph: Eric LukeThe president of the High Court has confirmed a number of penalties on high profile businessman Philip Lynch for insider dealing.
A panel of assessors set up by the Central Bank recommended earlier this year he would be fined €75,000, disqualified from being involved in a regulated financial services company for five years, publicly cautioned and pay €37,500 towards the bank’s costs. On Monday, Ms Justice Mary Irvine confirmed the sanctions after she was told Mr Lynch was not opposing the application.
The application was grounded on an affidavit of Louise Gallagher, the Central Bank’s head of enforcement investigations division, who said that, following a substantive hearing before the panel of assessors in September last year, they found it had been proved beyond a reasonable doubt that Mr Lynch was in possession of “inside information” when he bought the 200,000 shares on October 21st, 2008.