Ryan Willmott was the financial planning manager for IT consultancy firm Logica, which was taken over by the Canadian-based business, CGI Group, in 2012.
During the takeover, Willmott set up a trading account in the name of a former girlfriend without her knowledge in order to trade the company’s shares illegally, the Financial Conduct Authority (FCA) said in a statement.
Willmott pleaded guilty to three counts of insider dealing. He also admitted to disclosing inside information to a family friend, who then went on to deal on behalf of Willmott and himself.
“Those who are entrusted with inside information commit a serious breach of trust by disclosing or trading on that information,” said Georgina Philippou, the FCA’s acting director of enforcement. “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.”
Willmott will be sentenced on 26 March. The maximum sentence for insider trading is a fine and seven years in prison.
