The offences relate to trading in a number of different London Stock Exchange and AIM listed shares between 2000 and 2008 and were only brought to an end when the City of London Police working with FSA staff arrested the Littlewoods in March 2009.
The third defendant Helmy Omar Sa'aid was returned to the UK in March 2010 following the execution of a European Arrest Warrant in Mayotte, one of the Comoros Islands.
The case was bought by the FSA and heard at Southwark Crown Court. It is the sixth successful prosecution for insider dealing bought by the FSA and is part of its ongoing drive to tackle market abuse and promote efficient, orderly and fair markets.
Margaret Cole, managing director of enforcement and financial crime, said:
“It seems that the penny is beginning to drop. These guilty pleas show that our strategy of a tough approach to insider dealing - and, in particular, demonstrating that we are prepared to fight difficult criminal prosecutions to trial - is paying off. Dedicated hard work, bold and innovative use of the tools at our disposal and close seamless co-operation between our markets, enforcement and intelligence functions underpin our successful track record in this complex area.”
The full sentencing and confiscation hearing will take place in the week commencing 31 January.