Ex-Legal & General worker to plead guilty on insider trading

Michael Bow
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RMER trader at Legal & General Investment Management charged under the Financial Service Authority’s (FSA) high profile Operation Tabernula investigation yesterday told magistrates he intended to plead guilty to one count of insider trading.

Paul Milsom, who traded equities at the investment arm of the insurer, told Westminster Magistrates Court that he would enter the plea on one count of passing inside information to an independent stockbroker, who is also accused of insider trading and has not entered a plea.

L&G said at the time the alleged wrongdoing did not affect its customers or its financial position.

The plea would give the FSA its first conviction under the Operation Tabernula investigation.

The joint probe by the FSA and the Serious Organised Crime Agency led to 16 addresses in London, the south east and Oxfordshire being raided in March 2010. Five additional men, who do not work for L&G, were subsequently charged. They have not yet entered a plea and their cases will be not heard until 2014.