Former Logica PLC group reporting and financial planning manager Ryan Willmott, who pleaded guilty last month to three counts of insider dealing, has been jailed for ten months.
He was also ordered to pay £6,122 towards prosecution costs and a confiscation order in the sum of £23,239 according to the Financial Conduct Authority.
In February, Mr Willmott admitted dealing on the basis of inside information he obtained during the course of his employment relating to the takeover of Logica by CGI Group, as publicly announced on 31 May 2012.
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.
Georgina Philippou, acting director of enforcement and market oversight at the FCA said: “This prosecution sends a clear message to those who are tempted to abuse their position by disclosing or trading on inside information.
“The custodial sentence received by Mr Willmott today is a reminder of the serious consequences for insider dealing.”
donia.o'loughlin@ft.com
