Hickman & Rose corporate crime team has assisted the successful defence to a multi-jurisdictional market abuse prosecution in Portugal. The misguided but persistent prosecution of economist Dr Peter Boone has now been dismissed by Portugal’s Appeal Court.
The unusual charging decision, which alleged that Dr Boone’s economics and investment blog was responsible for changes to Portuguese treasury bond prices, followed a five year investigation by the CMVM (the Portuguese financial regulator). The charge was subsequently downgraded during the course of the trial to focus on Dr Boone’s allegedly inadequate disclaimer. All the charges were resoundingly dismissed, but the Prosecution persisted with an appeal of the trial judge’s decision. That appeal failed, bringing Dr Boone’s ordeal to an end.
Hickman & Rose lawyers Ben Rose, Andrew Katzen, Charles Kuhn, and Emily Sheils, were called in to assist after the CMVM made a request to the UK Financial Conduct Authority under the Mutual Legal Assistance Treaty in place between the UK and Portugal. The team worked with Dr Boone’s Portuguese defence lawyers throughout the trial and subsequent appeal.
Dr Boone was represented in Portugal by Francisco Proença de Carvalho and Daniel Bento Alves of Portugese firm Uria Menendez, and by Andre Judice Gloria of Gama Gloria.