Two men who pleaded guilty to insider dealing in November have been handed suspended prison sentences.
On 13 January, former Logica employee Manjeet Mohal was sentenced to 10 months imprisonment suspended for two years for two counts of insider dealing.
Reshim Birk, Mohal’s neighbor, was sentenced to 16-months’ imprisonment suspended for two years for one count of insider dealing.
Mohal was also ordered to 180 hours of community work and Birk 200 hours of community work.
A confiscation order of £162,876.69 was made against Birk. Prosecution costs of £42,593.35 were awarded to the FCA in respect of each defendant.
While working at Logica, Mohal came into possession of inside information relating to a takeover of Logica by CGI Holdings which he disclosed to Birk, and another person.
Birk then traded in shares and options relating to Logica and made more than £100,000 in profit.
FCA enforcement and market oversight executive director Mark Steward says: “Mohal was a trusted employee and he abused that position. This is another clear example for those who are tempted to insider deal, that they are more likely to be caught than ever before.”