Mr Kenneth Carver, a retired accountant, has been fined £35,212 by the FCA for insider dealing pursuant to section 118(2) of the Financial Services and Markets Act 2000.
Mr Carver purchased 62,000 shares in Logica Plc (Logica) just before CGI Inc publicly announced its intention on 31 May 2012 to make a cash acquisition of Logica at a significant premium.
Mr Carver purchased the shares on the basis of inside information from Ryan Willmott, a family friend who worked in the Logica group. The announcement caused Logica’s share price to increase by 59.8 per cent and shortly afterwards Mr Carver sold all his shares, making a profit of £24,206.70.
Mr Willmott pleaded guilty to insider dealing on 26 February 2015 and was sentenced to 10 months imprisonment on 27 March 2015
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