City lawyer denies insider‑dealing charges over Seraphine share trades

Richard Bloomfield, a 38‑year‑old City solicitor, appeared in court on Friday and entered a not‑guilty plea to five counts of alleged insider dealing. The charges relate to transactions in the shares of maternity‑wear label Seraphine Group between March 2022 and January 2023, made on the London Stock Exchange before a proposed takeover.

What happened

The Financial Conduct Authority first announced the case in July, alleging that Bloomfield used confidential information obtained while advising on a buyout to profit from share movements. The matter was assigned to Southwark Crown Court, where a hearing originally set for 5 August was pushed to 11 September. During the hearing, Bloomfield, dressed in a navy suit, denied all five allegations.

He pleaded not guilty to all five charges of alleged insider dealings.

His defence, led by Alison Clare KC, asked for the trial to be scheduled for 11 September 2028, a request the prosecutor did not contest. Judge Baumgartner accepted the timetable, and a further case‑management hearing is slated for 13 September 2027.

Why it matters

Insider‑dealing accusations strike at the heart of market integrity. If proven, they could undermine confidence in the City’s legal and financial advisory sectors, where lawyers often sit on the front line of corporate transactions. The backdrop includes Mayfair Equity Partners taking Seraphine private in April 2023 after a sharp share‑price decline, and retail giant Next acquiring the brand’s name and IP for £500,000 in 2025.

What’s next

Bloomfield’s trial, now set for 2028, will examine trading records, email trails and the timing of the share purchases. A conviction could result in a custodial sentence, a substantial fine and a ban from practising law. For the broader market, the outcome may prompt firms to tighten information‑barriers and reinforce compliance training around M&A advice.

Bloomfield’s career path includes qualifying at Herbert Smith Freehills in 2012, senior roles at Bird & Bird and a stint at US firm Goodwin Procter before moving into a chief legal officer role at a legal‑tech company earlier this year.