Businessman charged in State’s first insider trading case sent for trial

Tom Tuite

A businessman charged in the State’s first insider trading case has been sent forward for trial.

Declan Service (62), of Sunnyvale Avenue, Portrush, Co Antrim, was arrested following a market abuse investigation by the Garda National Economic Crime Bureau (GNECB).

He was charged with two counts of engaging in insider dealing in that he possessed information allegedly used in acquiring and disposing of financial instruments to which that information relates.

The offences allegedly occurred between May 18th and May 22nd, 2020.

The alleged offences are contrary to regulation 5 (1) & (4) of the S.I. No. 349/2016 – European Union (Market Abuse) Regulations 2016 and section 1368 Companies Act 2014.

He appeared at Dublin District Court on Friday and was served with a book of evidence.

Det Gda John Farrelly told Judge Treasa Kelly that Mr Service’s reply to the charges was “not guilty”.

The Director of Public Prosecutions had directed a trial on indictment; accordingly, Judge Kelly granted a return for trial order. She said she was sending him forward to the Dublin Circuit Criminal Court, where the case will be listed for mention on October 19.

There was no objection to €300 bail; he must notify the investigating garda if he changed his address or phone number.

Legal aid was granted after defence solicitor Jonathan Dunphy submitted a statement of his client’s means and said he worked as a support worker earning €350 a week. There was no garda objection.

Mr Service spoke only to confirm he received the book of evidence and that he understood the judge’s order.

He was warned to tell the prosecution if he intended to use an alibi in his defence, and the judge also ordered gardaí to hand over copies of interview videos to the defence.