An ex-Deutsche Bank managing director was found guilty in the UK's biggest insider trading case
Martyn Dodgson, the former managing director, and Andrew Hind, an accountant, were convicted by a London jury on Monday after a trial that lasted 12 weeks.
Three other defendants - Grant Harrison, a former managing director at Altium Capital, day trader Benjamin Anderson and former Aria Capital director Iraj Parvizi - were found not guilty.
The convicted men face a maximum of seven years in prison and a sentencing verdict could come as soon as this week.
They were accused of generating more than £7 million in profit, trading on inside information on stocks such as Legal & General, Scottish & Newcastle, and Sky.
The result is a partial success for the Financial Conduct Authority, six years after a series of dawn raids shocked the City of London.
The case - code named Tabernula, which is Latin for "little tavern" - had five defendants accused of conspiring to trade securities with inside information between 2006 and 2010.
The case had a dramatic start. In March 2010, more than 100 police and regulators were deployed across 16 locations to arrest seven people. The raids, co-coordinated by the now-defunct Financial Services Authority, stunned the City, which was used to a regulator with a "light touch."