Former Morrison's tax chief sentenced to prison for insider trading
Former group treasurer and head of tax and WM Morrison, Paul Coyle, has been sentenced to one year in prison for insider trading.
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Coyle had pleaded guilty to two counts of using confidential information to trade in shares of Morrison's proposed joint venture partner Ocado between January and March 2013.
The Financial Conduct Authority (FCA) said he made a profit of £79,000 in the trades, using two online accounts in the name of his partner.
A UK judge ordered Coyle to pay a £203,234 confiscation order and another £15,000 for prosecution costs.
"Abuse of inside information in this way undermines the integrity of the UK financial markets," said Georgina Philippou, the FCA's director of enforcement and market oversight. "We are committed to prosecuting insider dealing to ensure our markets remain a 'level playing field' for all participants."
Morrison said it was a “regrettable case of an individual acting alone”.