Gardaí arrested and questioned four men in recent days in the east of the State as part of an investigation into suspected insider trading offences.
The men have since been released without charge and files are being prepared for the Director of Public Prosecutions (DPP).
On Tuesday morning, gardaí arrested two men, one in his 70s and the other in his 50s, on suspicion of market abuse contrary to regulation five of the European Union (Market Abuse) Regulations 2016, An Garda Síochána said in a statement.
They were taken to a station in the east of the State before later being released without charge.
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Regulation five makes it a criminal offence for any person to engage, attempt to engage, recommend, induce or aid and abet insider dealing in a share, bond or other financial instruments on the basis of information not in the public domain that could affect its value.
Gardaí subsequently arrested a further two men, aged in their 60s and 50s, on Wednesday morning on suspicion of market abuse contrary to the same rule. They were also detained at a station in the east of the State before being released without charge.
Files will now be prepared for the DPP, the statement said.
This investigation followed “comprehensive work” by the Central Bank of Ireland that led to a formal referral to the Garda National Economic Crime Bureau (GNECB), it said.
“The extensive investigation carried out by GNECB has progressed with the assistance of personnel attached to the Central Bank of Ireland and their expertise and experience has been invaluable,” the Garda statement said.
“This investigation is one of a number of ongoing investigations for market abuse at the Garda National Economic Crime Bureau.”
Separately, gardaí arrested and questioned two men in November 2024 as part of an ongoing investigation into suspected insider trading.
The individual at the centre of that investigation, who cannot be named for legal reasons, is a veteran of the State’s international funds sector, sources said at the time. The other is said to be a broker who worked for the suspect.
The Irish Times subsequently established late last year that the investigation is focused on suspicious dealing in Applegreen shares before the announcement in late 2020 that the company had received a takeover approach.
The two men who were arrested were in no way connected to Applegreen, one of the largest fuel and forecourt retailers in the Republic.
Information on corporate deals can sometimes leak – often unintentionally – as the circle of individuals aware of a potential deal expands, including external advisers and other third parties. However, it is illegal to trade shares on the basis of non-public, price-sensitive information.
Insider trading in Ireland can lead to a maximum of 10 years’ imprisonment and a fine of as much as €10 million if an individual is convicted on indictment.
Still, sanctions for white-collar wrongdoing remain rare in Ireland.
In March 2024, the first person convicted of insider trading in the State’s history was fined £60,000 (€70,300) at Dublin Circuit Criminal Court.
Declan Service, from Portrush, Co Antrim, pleaded guilty to insider dealing between May 18th and 22nd, 2020, when he used sensitive market information to sell shares in a pharmaceutical company Open Orphan.
Separately in 2022, the High Court confirmed a number of penalties imposed by the Central Bank on high-profile businessman Philip Lynch for insider dealing. This was a civil case.
A panel of assessors set up by the Central Bank recommended he be fined €75,000 and disqualified from being involved in a regulated financial services company for five years after it found he used inside information to buy shares in cider and beer maker C&C Group.
