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Former Logica manager pleads guilty to insider dealing

The former group reporting and financial planning manager of IT firm Logica has admitted three instances of insider dealing in a case brought by the FCA.

Ryan Willmott, who first appeared in court two weeks ago, will now be sentenced on 26 March.

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

The regulator has now secured 26 conviction in insider dealing, and is currently prosecuting eight other cases.

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