Regulation  

Guilty verdict for £30,000 profit insider dealing case

Guilty verdict for £30,000 profit insider dealing case

In a case brought by the Financial Conduct Authority, former Logica PLC group reporting and financial planning manager Ryan Willmott, has today (26 February) pleaded guilty to three instances of insider dealing.

Profits from the related dealing exceeded £30,000 and he admitted this was due to inside information obtained during the course of his employment relating to the takeover of Logica by CGI Group, as publicly announced on 31 May 2012.

Mr Willmott set up a trading account in the name of a former girlfriend, without her knowledge, to carry out the trading. He also admitted disclosing inside information to a family friend, who then went on to deal on behalf of Mr Willmott and himself.

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Georgina Philippou, the FCA’s acting director of enforcement and market oversight said that those entrusted with inside information commit a serious breach of trust by disclosing or trading on that information.

“This case shows that using others to try to cover up that breach of trust does not prevent detection; the FCA will not stand by when people take part in opportunistic insider dealing.”

Mr Willmott will be sentenced on 26 March.

peter.walker@ft.com