In a prosecution brought by the FCA, Konstantin Vishnyak has today appeared at Westminster Magistrates’ Court in relation to one count of destroying documents which he knew or suspected were or would be relevant to an investigation.
Mr Vishnyak pleaded not guilty. The proceedings have been transferred to Southwark Crown Court where Mr Vishnyak will appear on 4 October 2019. Mr Vishnyak has been granted bail until that hearing.
This is the first prosecution by the FCA in relation to a destruction of documents offence under the Financial Services and Markets Act 2000.
Mr Vishnyak was under investigation by the FCA for suspected insider dealing offences. The FCA alleges Mr Vishnyak deleted the WhatsApp application on his mobile phone after he was required to provide it as part of the investigation.
Notes to editors
- Konstantin Vishnyak’s date of birth: 02/08/1978.
- No assumption should be made at this stage that a criminal offence has been committed.
- Under section 177(3)(a) of the Financial Services and Markets Act 2000, a person who knows or suspects that an investigation is being or is likely to be conducted under Part XI of the Financial Services and Markets Act 2000 is guilty of an offence if he falsifies, conceals, destroys or otherwise disposes of a document which he knows or suspects is or would be relevant to such an investigation, unless he shows that he had no intention of concealing facts disclosed by the documents from the investigator.
- The Financial Services and Markets Act 2000 gives the FCA powers to investigate insider dealing, defined by The Criminal Justice Act 1993.
- Individuals with information about market abuse can call the FCA on freephone 0800 111 6768.
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, the FCA has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA[1].