Blackpool owner Simon Sadler is the subject of criminal proceedings in Hong Kong relating to alleged insider trading.
Hong Kong’s Securities and Futures Commission (SFC) confirmed that Sadler, former trader Daniel La Rocca and Segantii Capital Management Limited, where Sadler is director and chief investment officer, are under investigation in relation to a block trade made in June 2017.
The SFC — an independent body that regulates Hong Kong’s securities and futures markets — said Sadler was among those to appear at Eastern Magistrates’ Court on Thursday morning where no plea was entered before the case was adjourned until next month.
Sadler and Rocca have been released on conditional bail ahead of the hearing on June 12.
An SFC statement read: “The Securities and Futures Commission (SFC) has commenced criminal proceedings against Segantii Capital Management Limited (Segantii), its director and chief investment officer Mr Simon Sadler, and former trader Mr Daniel La Rocca for the offence of insider dealing in the shares of a company listed on the Stock Exchange of Hong Kong Limited prior to a block trade in June 2017 (Notes 1 to 3).”
Sadler, a Blackpool-born businessman, purchased the club out of receivership to end the 32-year ownership of the Oyston family back in 2019.
They won promotion back to the Championship in Sadler’s first full season in charge.
The club ended the 2023-24 League One season eighth in the table, three points shy of the play-off places.
A club statement read: “We have been made aware of a charge brought in Hong Kong against the club’s owner Simon Sadler which is entirely unrelated to the club and its operations.
“It will remain business as usual for our day-to-day operations. We understand that Mr Sadler will vigorously defend himself against the charge and there will be no further comments at this time from the club.”
(Lewis Storey/Getty Images)
