A former banker has been charged with the offence of destroying documents which he knew or suspected were relevant to an FCA investigation. It is alleged that Mr Vishnyak deleted WhatsApp messages after he was required to provide them as part of an FCA investigation into suspected insider dealing offences. He pleaded not guilty at a hearing on 6 September 2019.
This is the first time the FCA has brought a prosecution under s.177(3) of the Financial Services and Markets Act 2000, which carries the potential sanction of up to 2 years imprisonment or a fine. It is usual practice for subjects of an investigation to be warned of this potential offence when they are notified of the commencement of an investigation.
A hearing is scheduled for 4 October 2019 at Southwark Crown Court.