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“And then some three weeks after that you bought the shares back, which I would suggest was for two reasons. First, to make a quick profit, and second, to be sure that she retained her seven and a half percent of the company’s stock so you didn’t lose your place on the board. Otherwise you wouldn’t have been privy to any more inside information, would you?”
“That is a disgraceful slur on my professional reputation,” barked Fisher.
“Is it?” said Trelford, holding up a sheet of paper for everyone to see, before reading out the figures in front of him. “On the three transactions in question, Lady Virginia made profits of £17,400, £29,320, and £70,100 respectively.”
“It’s not a crime to make a profit for one’s client, Mr. Trelford.”
“No, it most certainly is not, major, but why did you need to use a broker in Hong Kong to carry out these transactions, a Mr. Benny Driscoll?”
“Benny is an old friend who used to work in the city, and I am loyal to my friends, Mr. Trelford.”
“I’m sure you are, major, but were you aware that at the time of your dealings, the Irish Garda had a warrant out for Mr. Driscoll’s arrest for fraud and share manipulation?”
Sir Edward was quickly on his feet.
“Yes, yes, Sir Edward,” said Mrs. Justice Lane. “I do hope, Mr. Trelford, you are not suggesting that Major Fisher was aware of this warrant but was still willing to do business with Mr. Driscoll?”
“That would have been my next question, my lady,” said Trelford, the innocent schoolboy look returning.
“No, I did not know,” pro
tested Fisher, “and had I done so, I certainly wouldn’t have continued to deal with him.”
“That’s reassuring,” said Trelford. He opened a large black file in front of him and took out a single sheet of paper, covered in figures. “When you purchased shares on behalf of Lady Virginia, how were you paid?”
“On commission. One percent of the buying or selling price, which is standard practice.”
“Very right and proper,” said Trelford, making a show of putting the sheet of paper back in his file. He then extracted a second sheet, which he studied with equal interest. “Tell me, major, were you aware that on each occasion after you had asked your loyal friend, Mr. Driscoll, to carry out these transactions for Lady Virginia, he also bought and sold shares in Barrington’s on his own behalf, which he must have known was illegal.”
“I had no idea he was doing that, and I would have reported him to the Stock Exchange had I been aware of it.”
“Would you indeed? So you had no idea that he made several thousand pounds piggybacking your transactions?”
“No, I did not.”
“And that he has recently been suspended by the Hong Kong Exchange for unprofessional conduct?”
“I was not aware of that, but then I haven’t dealt with him for several years.”
“Haven’t you?” said Trelford, returning the second sheet to his file and taking out a third. He adjusted his glasses and studied a row of figures on the page in front of him before saying, “Did you also, on three separate occasions, buy and sell shares for yourself, making a handsome profit each time?”
Trelford continued to stare at the sheet of paper he held in his hand, painfully aware that all Fisher had to say was “I did not,” and his bluff would have been called. However, the major hesitated, just for a moment, which allowed Trelford to add during the brief silence, “I don’t have to remind you, Major Fisher, as a Member of Parliament, that you are under oath, and of the consequences of committing perjury.” Trelford continued to study the row of figures in front of him.
“But I didn’t make a profit on the third transaction,” Fisher blurted out. “In fact, I made a loss.”
A gasp went up around the court, followed by an outbreak of chattering. Trelford waited for complete silence before he continued. “So you made a profit on the first two transactions, major, but suffered a loss on the third?”
Fisher shuffled uneasily in the box, but made no attempt to reply.
“Major Fisher, you stated earlier to the court that it’s not a crime to make a profit for one’s client,” said Trelford, looking down at a scribbled note to check the major’s exact words.
“Yes, I did,” said Fisher, trying to recover.
“But as a qualified stockbroker you will have known that it was a crime,” continued Trelford, picking up a thick red leather-bound volume from the bench in front of him and opening it at a page marked with a slip of paper, “to trade shares in a company of which you sit on the board.” Trelford read out the exact words: “unless you have informed the chairman of that company and sought legal guidance.” He let his words sink in, before slamming the book shut and asking quietly, “Did you inform Mrs. Clifton, or seek legal guidance?”
Fisher gripped the sides of the witness box to stop his hands from shaking.
“Can you tell the court how much profit you made when you bought and sold your Barrington’s shares?” asked Trelford as he continued to look down at a hotel bill from his recent trip to Hong Kong. He waited for some time before he placed the receipt back in his file, looked up at the judge, and said, “My lady, as Major Fisher seems unwilling to answer any more of my questions, I see no purpose in continuing.” He sat down and smiled at Emma.
