Ryan Willmott, the former group reporting and financial planning manager for Logica PLC, who pleaded guilty to three counts of insider dealing on 26 February 2015, has today been sentenced to 10 months imprisonment. He was also ordered to pay £6,122 towards prosecution costs and a Confiscation Order in the sum of £23,239.75.
Willmott admitted dealing on the basis of inside information he obtained during the course of his employment relating to the takeover of Logica PLC by CGI Group, as publicly announced on 31 May 2012. Willmott set up a trading account in the name of a former girlfriend, without her knowledge, to carry out the trading. He also admitted disclosing inside information to a family friend, who then went on to deal on behalf of Willmott and himself.
Georgina Philippou, acting director of enforcement and market oversight said:
"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."
Notes to editors
- The case was heard at Southwark Crown Court.
- Ryan Willmott Date of Birth: 17/1/1982.
- The FCA, and previously the Financial Services Authority, have secured 27 convictions in relation to insider dealing: Christopher McQuoid and James William Melbourne in March 2009; Matthew and Neel Uberoi in November 2009, Malcolm Calvert on 11 March 2010, Anjam Ahmad on 22 June 2010, Neil Rollins on 21 January 2011, Christian Littlewood and Angie Littlewood on 8 October 2010 and Helmy Omar Sa'aid on 10 January 2011, Rupinder Sidhu on 15 December, and James and Miranda Sanders together with another individual in May 2012 and Ali Mustafa, Pardip Saini, Paresh Shah, Neten Shah, Bijal Shah and Truptesh Patel on 27 July 2012, Thomas Ammann on 13 December 2012, Paul Milsom on 7 March 2013, Richard Joseph on 11 March 2013 and Graeme Shelley on 27 March 2014, Julian Rifat on 7 November 2014, Ryan Willmott on the 26 February 2015 and Paul Coyle on the 3 March 2015.
- On 1 April 2013, the FCA became responsible for the conduct and supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
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