Richard Bloomfield's career as a City lawyer is under scrutiny after being charged with five counts of alleged insider dealing. The Financial Conduct Authority (FCA) alleges that the 38-year-old traded shares in Seraphine Group, a maternity fashion brand backed by royal connections, while privy to confidential information from his professional role in its acquisition.
Mr Bloomfield appeared before Westminster Magistrates' Court, where he offered no indication of a plea. He has since been released on unconditional bail, with the case now progressing to Southwark Crown Court for trial. The FCA's investigation focuses solely on Mr Bloomfield and is not extended to his associated law firms or Seraphine Group.
Seraphine Group, which launched on the London Stock Exchange in 2021 after an Initial Public Offering (IPO), has faced significant share price volatility. Shares peaked at 300p (£150 million valuation) but plummeted by over 90 per cent to 10p by late 2022 due to challenging forecasts and subsequent administration. Private equity firm Mayfair Equity Partners acquired the company for £15 million in 2025, followed by Next's purchase of the brand name and intellectual property for £500,000.
The alleged insider dealing occurred during this period of financial distress for Seraphine Group. While a spokesperson for Goodwin Procter confirmed awareness of the charges, stating that the law firm has cooperated with the FCA and faces no allegations of wrongdoing, the case raises questions about accountability within the City's legal profession.
Despite requests for further comment, the FCA declined to provide additional information due to ongoing criminal proceedings. The case will now proceed through the courts, with Mr Bloomfield's next appearance scheduled for 5 August 2026.