‘City Slicker’ escapes sentence for share scam

A FINANCIAL journalist who made thousands of pounds on share tips published in his paper walked free from court yesterday.

Anil Bhoyrul, who was given a 180 community punishment order, co-wrote the Daily Mirror’s “City Slickers” column while operating a ‘buy, tip and sell’ scheme the British crown court condemned as a cynical manipulation of the market.

Once he and James Hipwell - who was warned by the judge he faced prison but was then told his sentence would be deferred to await the outcome of medical tests - had purchased stock at a low price, they would recommend it as a “must” to readers.

London’s Southwark Crown Court heard that when values soared, they usually sold them the same day at a profit.

As the money continued to roll in, day trader Terence Shepherd, who was jailed for three months, was recruited to the lucrative “ramping” scam.

Even the paper’s then editor became involved. Piers Morgan, used his wife’s personal equity plan to raise money, buy shares and make a small fortune. However, he was cleared of any wrongdoing.

Bhoyrul, aged 38, of Wood Road, Sutton, Surrey, who got almost £15,000 (€22,000) from his dealings, pleaded guilty to conspiring to breach the Financial Services Act between August 1, 1999 and February 29, 2000.

Passing sentence, Mr Justice Beatson said: “Most of the readers... were likely to trust the information in the column”.