In a prosecution pursued by the FCA, Paul Coyle, former Group Treasurer and Head of Tax at WM Morrison Supermarket plc, has pleaded guilty to two counts of insider dealing pursuant to section 52 of the Criminal Justice Act 1993.
Mr Coyle has been sentenced to 12 months imprisonment. The FCA found that, between January and May 2013, Mr Coyle was aware of confidential price sensitive information in relation to Morrisons’ discussions for a potential joint venture with Ocado Group plc
Mr Coyle used this information to trade in Ocado shares using online accounts in the name of his partner.
Mr Coyle has been ordered to pay prosecution costs of £15,000 and £203,234 in the form of a confiscation order.
A copy of the press release is available.
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