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Former Logica manager jailed for insider dealing

The former group reporting and financial planning manager of IT firm Logica has been jailed for 10 months in an insider dealing case brought by the FCA.

Ryan Willmott pleaded guilty to three instances of insider dealing last month.

In a hearing at Southwark Crown Court today, he has been sentenced to 10 months imprisonment and ordered to pay a confiscation order of £23,239, plus £6,122 towards prosecution costs.

Willmott admitted dealing after receiving information ahead of the takeover of Logica by CGI Group, which was publicly announced on 31 May 2012.

He set up a trading account in the name of a former girlfriend to carry out trades.

He also admitted disclosing inside information to a family friend, who then went on to deal on behalf of Willmott and himself.

Profits from Willmott’s insider dealing exceeded £30,000.

FCA acting director of enforcement and market oversight Georgina Philippou says: “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 Mr Willmott today is a reminder of the serious consequences for insider dealing.”

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