A former Financial Planning manager has pleaded guilty to three instances of insider dealing. The Financial Conduct Authority reported this afternoon that Ryan Willmott, formerly group reporting and Financial Planning manager for Logica PLC, will be sentenced on 26 March. Profits from the related dealing exceeded £30,000. The FCA said in a statement: "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.
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"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, the FCA's acting director of enforcement and market oversight, said: "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."
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