Former Logica manager jailed in UK for insider trading

Fri Mar 27, 2015 8:19am EDT
 
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LONDON, March 27 (Reuters) - A former manager at IT consultancy Logica has been jailed for 10 months after admitting he illegally traded in the company's shares before it was taken over by Canadian rival CGI Group, a British regulator said on Friday.

The Financial Conduct Authority (FCA) said Ryan Willmott was also ordered to pay 6,122 pounds ($9,122) towards prosecution costs and was given a confiscation order of 23,239 pounds.

"Ryan Willmott engaged in insider dealing with no regard for the consequences for himself and others, and with an expectation that he would avoid detection," Georgina Philippou, FCA acting director of enforcement, said in a statement.

"This prosecution sends a clear message to those who are tempted to abuse their position by disclosing or trading on inside information," she added.

There have been 27 convictions in relation to insider dealing in the past six years.

Last month Willmott, a former group reporting and financial planning manager for Logica, admitted three instances of insider trading which netted him 30,000 pounds. ($1 = 0.6711 pounds) (Reporting by Huw Jones; Editing by David Holmes)