Former Goodwin lawyer pleads not guilty in UK insider trading case

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Goodwin lawyer UK insider case

Highlights

Richard Bloomfield pleads not guilty at Southwark Crown Court to five counts of insider dealing involving Seraphine shares between March 2022 and January 2023.
The UK Financial Conduct Authority prosecutes Bloomfield, with trial set for September 2028 and potential maximum sentence of 10 years' imprisonment.
Seraphine, acquired by Mayfair at a 90% discount and later sold to Next for 600,000 pounds after insolvency, forms the context for the alleged insider trading.

Court proceedings and charges

As reported by the Financial Times, Richard Bloomfield, 38, enters a not guilty plea at Southwark Crown Court on Friday to five counts of insider dealing between March 2022 and January 2023. Prosecutors say the alleged trading relates to Seraphine and took place ahead of the retail company's acquisition by private equity group Mayfair.

Bloomfield speaks only to confirm his identity and plea in court. The UK Financial Conduct Authority, which announced the charges in July and is prosecuting the case, previously brought him before Westminster Magistrates' Court, where he was released on unconditional bail.

According to the charging document, Bloomfield allegedly held inside information when he acquired Seraphine shares that were price-affected securities in relation to that information. A trial is scheduled for September 2028, and insider dealing in the UK carries a maximum sentence of 10 years' imprisonment.

Impact on Goodwin and UK enforcement

The case is the second insider trading allegation to affect Goodwin this year, although the FCA is not investigating Goodwin Procter or Seraphine. The law firm has previously said it has cooperated fully with the regulator.

Separately, a former lawyer at the Boston-founded firm was accused in May by U.S. authorities of being central to a network that traded shares using confidential takeover information. That defendant also pleads not guilty and is awaiting trial.

Seraphine, known for clothing worn by Catherine, Princess of Wales during her pregnancies, went into insolvency last year and its brand and intellectual property were later sold to Next for 600,000 pounds. Its collapse came two years after former owner Mayfair took the company private again at a 90% discount, underscoring the corporate backdrop to the alleged trading.

Our earlier report covered the FCA case against Christopher Woolcott, who pleaded guilty to fraud and forgery over a fabricated takeover bid for Touchstone Exploration designed to profit from share price moves. The piece highlighted the regulator’s warning that small listed companies can be especially vulnerable to manipulative schemes involving fake bids, forged documents, and false identities.

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