Financial watchdog takes action
A City solicitor has been charged with five counts of insider dealing after allegedly using confidential information gained through his job to trade shares in a maternity wear company.
Richard Bloomfield, 38, faces the charges from the Financial Conduct Authority (FCA), which alleges he worked on an acquisition of Seraphine Group and used inside information obtained through that role to deal in the company’s securities on five occasions between March 2022 and January 2023.
Bloomfield appeared before Westminster Magistrates’ Court and gave no indication of plea. The case has been sent to Southwark Crown Court, with his next appearance listed for 5 August. He has been released on unconditional bail.
The FCA stressed that it is not investigating either the law firm involved or Seraphine.
The law firm wasn’t named by the FCA but is widely reported as being US outfit Goodwin, which advised Mayfair Equity Partners on its acquisition of the remaining stake in Seraphine.
In a statement, Goodwin said:
“We are aware of the charges against our former employee. There are no allegations of wrongdoing by the firm, and we are not a subject of the FCA’s investigation. The firm has cooperated fully with the FCA and will not be commenting further at this time given the pending criminal proceedings.”
Bloomfield is understood to have qualified at Herbert Smith Freehills (now Herbert Smith Freehills Kramer) in 2012, before moving to Bird & Bird in 2016 and later to Goodwin. He is reported to have since moved on from private practice, taking up a role as chief legal officer and general counsel at a lawtech company.
Seraphine, a maternity and nursing wear brand, listed on the London Stock Exchange in 2021 at a valuation of around £150 million. Mayfair Equity Partners took the business private again in 2023, in a deal reported to be worth significantly less than that figure. The company fell into administration last year, with its brand and IP subsequently sold to Next.