Businessman appears in court charged with insider dealing

A businessman has been granted bail after appearing in court in Dublin charged with insider dealing.

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

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

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

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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 was then brought to appear before Judge Treasa Kelly at Dublin District Court.

Detective Garda John Farrelly gave evidence of arrest and caution and told Judge Kelly that Mr Service’s reply to the charges was “not guilty”.

There was no objection to bail with conditions.

Judge Kelly noted that the Director of Public Prosecutions had directed a trial on indictment in a higher court.

Defence solicitor Jonathan Dunphy said there was consent to an extended adjournment.

Judge Kelly remanded him on his bond of €300 to appear again on September 8th to be served with a book of evidence and returned for trial.

She told Mr Service that it was a condition of his bail to notify the investigating garda if he changed his address or phone number.