The FCA has fined hit a former accountant with a £35,000 fine for insider dealing.
Kenneth Carver, who has now retired, bought 62,000 shares in IT firm Logica based on information provided to by the firm’s former group reporting and financial planning manager Ryan Willmott. Willmott was sentenced to 10 months in jail at Southwark Crown Court last week.
Carver sold the shares shortly after the firm’s planned acquisition was announced, making a profit of £24,206.70.
FCA acting director of enforcement Georgina Philippou says: “Carver knew that there was a risk of market abuse and traded anyway. He used his own funds to place a trade on Willmott’s behalf and knew that Willmott had a financial incentive to persuade him to trade.
“Market abuse is a serious offence and today’s fine reflects the fact that we will not hesitate in taking action against individuals who act on inside information.
The FCA fine was dropped from an initial sum of £122,212 after Carver settled at an early stage of the regulator’s investigation.