A UK day trader who impersonated a private equity executive to orchestrate a fraudulent £154m takeover bid for Touchstone Exploration has received a suspended prison sentence, according to Bloomberg.

Christopher Woolcott, 44, was reportedly handed a two-year suspended sentence at Southwark Crown Court after pleading guilty to fraud and forgery charges brought by the Financial Conduct Authority (FCA). Woolcott sought to inflate Touchstone’s share price after acquiring shares in the commodities company on the London and Toronto stock exchanges.

The scheme reportedly involved creating multiple false identities, including executives at a purported private equity firm, Griffon Partners, and forging documents to support an all-cash acquisition offer at almost double Touchstone’s prevailing share price. Woolcott also impersonated an American executive during a meeting with the company’s chief executive and used ChatGPT to help produce falsified financial and legal documents, including correspondence purportedly from HSBC and RSW Law.

The court described the operation as deliberate and sophisticated, involving forged documents and attempts to circulate the false offer through online platforms. FCA enforcement director Therese Chambers said the scheme was a calculated attempt to profit through market manipulation.