The Channel logo

News

By | Kat Hall 26th February 2015 17:28

Ex-Logica beancounter pleads guilty to insider trading

CGI takeover info netted man £30k in ill-gotten gains

A financial planning manager at the outsourcer formerly known as Logica has today pleaded guilty to three instances of insider dealing.

Ryan Willmott made £30,000 by obtaining information relating to the £1.7bn takeover of Logica by Canadian outsourcer CGI, which was announced on 31 May 2012.

The case against Willmott was brought by the Financial Conduct Authority (FCA), the British financial sector regulator.

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 dealt in shares on behalf of Willmott and himself.

Georgina Philippou, acting director of enforcement at the Financial Conduct Authority said: "Those who are 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."

He will be sentenced on 26 of March. ®

comment icon Read 2 comments on this article or post a comment alert Send corrections

Opinion

Baby looks taken aback/shocked/affronted. Photo by Shutterstock

Kat Hall

Plans for 2 million FTTP connections in next four years 'not enough'
Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Features

STRASBOURG, JUNE 29, 2016: The seat of the European Parliament. by Marco Aprile for shutterstock. EDITORIAL USE ONLY
Plan b, image via Shutterstock
EU workers, new markets: post-Brexit pressure on May & Co
Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'