PM Onboard Limited former senior manager Neil Rollins was today sentenced to 27 months in prison for insider dealing and money laundering and was ordered to pay £197,000.66 in confiscation.
On November 26, Rollins was found guilty of five counts of insider dealing and four counts of money laundering. The judge found he traded on the basis of information he obtained as a result of his senior position and laundered the proceeds.
Based on his knowledge of the waste industry firm’s worsening financial position, he sold his entire shareholding in PM Group plc and encouraged his wife to do the same.
When Rollins became aware of the FSA’s interest in his dealing he laundered the proceeds to try to hide his conduct.
In passing sentence, His Honour Judge Wadsworth QC said: “You sold when you knew it was folly to buy. Every pound you saved was a pound someone else spent…by selling early you broke the trust of your employer [and] you broke the trust owed to the market.”
FSA managing director of enforcement and financial crime Margaret Cole says: “By pursuing a criminal prosecution in this case, the FSA has shown that it will take tough action against those who abuse positions of trust by dealing on the basis of inside information. Rollins’ crime was aggravated by the fact that he sought to hide his conduct from the FSA by laundering the proceeds.
“The guilty verdicts and sentence in this case send a message, loud and clear, that insider dealing and money laundering are serious crimes.”
Costs will be decided at a later hearing.