A British executive was fined for insider trading.

Geoffrey Collier, the first person convicted under Britain’s insider trading law, the 1985 Companies Securities Act, was fined the equivalent of $37,500 (U.S.) and given a one-year suspended sentence. The 37-year-old former official of Morgan Grenfell Securities pleaded guilty to two charges of using inside information to purchase shares of Cadbury-Schweppes and the AE engineering group last year. The court heard testimony that Collier had telephoned a friend and former colleague in Los Angeles, Michael Cassel of the brokerage firm Vickers da Costa, and asked him to buy the shares.