27th March 2015
A man found guilty of insider trading has been sentenced to 10 months imprisonment and had a £23,000 confiscation order placed on his assets.
Ryan Willmott was working as a financial planning an group reporting manager for IT management consultancy Logica when he was involved in insider dealing.
He set up a trading account in the name of an ex-girlfriend without her knowledge and then passed inside information to a family friend about the takeover of Logica by CGI group in May 2012. The friend then dealt shares on his and Willmott’s behalf.
Willmott was sentenced to 10 months in prison, ordered to pay £6,122 in prosecution costs and was served with a £23,239.75 confiscation order, after pleading guilty to three counts of insider trading.
Georgina Philippou, Financial Conduct Authority acting director of enforcement, said: ‘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.
‘This prosecution sends a clear message to those who are tempted to abuse their position by disclosing or trading on inside information. We will not hesitate to take robust action where individuals threaten the integrity of the UK financial markets. The custodial sentence received by Willmott today is a reminder of the serious consequences for insider dealing.’