Former BlackRock fund manager Mark Lyttleton was arrested April 30 as part of an insider trading probe by the U.K. Financial Conduct Authority, two people familiar with the matter said.Lyttleton was detained along with an unidentified woman in west London, said one of the people, both of whom declined to be identified because the matter isn’t public. An FCA spokesman declined to comment on the investigation. Lyttleton couldn’t be reached for comment.
The FCA said in a May 3 statement that a 41-year-old man and a 37-year-old woman were arrested when the City of London Police executed a search warrant. The U.K.’s financial watchdog is seeking to crack down on insider trading by employees at London financial companies after having previously targeted lower-profile individuals. The watchdog is currently prosecuting seven other people for insider dealing, which carries a maximum sentence of seven years in prison upon conviction.