Logica employee pleads guilty to insider dealing

A former Logica employee has pleaded guilty to three charges of insider dealing around the company's takeover by CGI Group in 2012.  

 

Ryan Willmott, who was the group reporting and financial planning manager for the IT firm, set up a trading account in the name of a former girlfriend, without her knowledge, to carry out the deals. 

 

He also admitted disclosing inside information to a family friend, who then went on to deal on behalf of Willmott and himself. In total, the pair made more than £30,000.

 

Willmot will be sentenced on 26 March.

 

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.”

 

Logica was bought by CGI Group for £1.7bn in August 2012. The takeover was first made public on May 31.