The Financial Services Authority (FSA) has closed its first criminal case for insider trading, with former TTP Communications general counsel Christopher McQuoid and his father-in-law James William Melbourne found guilty.

The duo had been accused of insider trading ahead of an £103m offer made by communications company TTP for Motorola in 2006.

The case, heard at Southwark Crown Court, found that McQuoid had passed the information on to Melbourne, who then traded and made a profit of £48,919.

The court heard that Melbourne had split the profits with McQuoid three months later.

This is the first criminal charge for the FSA after its vow to crack down on insider trading. The regulator recently bulked up its capabilities with the hire of David Kirk as chief criminal counsel from the Fraud Prosecution Services – a special unit of the Crown Prosecution Service – where he was a director.

McQuoid was represented by Crowell & Moring international regulation and corporate crime chief Gerallt Owen and Jonathan Caplan QC of 5 Paper Buildings as counsel.

The FSA was represented in court by Michael Bowes QC and Oliver Assersohn of Outer Temple Chambers.

Owen said: "We are very disappointed with the jury's majority verdict and are actively considering and anticipate submitting an appeal on behalf of Mr McQuoid."

A sentence hearing will be held on 30 March.