A former deals lawyer at the London office of US law firm Goodwin Procter has pleaded not guilty to charges of insider trading connected to the maternity-wear company Seraphine Group, which entered insolvency last year. Richard Bloomfield appeared at Southwark Crown Court in London on September 11, 2026, where he confirmed his identity and entered a plea denying the allegations.
Bloomfield faces five counts of insider dealing spanning from March 2022 to January 2023. The charges relate to the acquisition of Seraphine by private equity group Mayfair. According to the charges, Bloomfield possessed insider information when purchasing shares in Seraphine, described as “price affected securities” due to that knowledge. His alleged trading occurred before Mayfair’s takeover of the retail company.
The case is being prosecuted by the UK Financial Conduct Authority (FCA), which announced the charges in July. Bloomfield first appeared to face the allegations that month at Westminster Magistrates’ Court, where he was released on unconditional bail. His trial is scheduled for September 2028.
Seraphine, known for dressing Catherine, Princess of Wales, during her pregnancies, collapsed into insolvency last year. The brand and its intellectual property were subsequently sold to retailer Next for £600,000. Its financial troubles unfolded just two years after Mayfair repurchased Seraphine from the stock market at approximately a 90 percent discount.
This prosecution marks the second insider trading allegation involving a Goodwin Procter lawyer in 2026. In a separate matter, US authorities charged another former lawyer from the Boston-founded firm earlier this year, accusing them of orchestrating illicit trading in shares of companies based on confidential takeover deal information. That lawyer has pleaded not guilty and awaits trial.
Goodwin Procter has stated that it is not under investigation by the FCA in connection with these matters and has said it has “cooperated fully” with regulators. Insider trading prosecutions against lawyers are relatively uncommon in the UK. Two years ago, the FCA brought similar charges against a former Clifford Chance lawyer, who was acquitted midway through the trial after a judge determined there was no case to answer.
If convicted, Bloomfield could face a maximum sentence of 10 years’ imprisonment under UK law.