Morrisons supermarkets former head of tax has been jailed for 12 months after pleading guilty to insider trading.
The case, brought by the Financial Conduct Authority, charged Paul Coyle, who was also group treasurer of the Bradford-based business, with two counts of insider trading after he bought Ocado Group shares between February and May 2013. The judge heard that he covered his tracks by using online accounts in the name of his partner and made a profit of roughly £79,000. Mr Coyle was ordered to pay £15,000 towards prosecution costs and also handed a confiscation order for £203,234.
Georgina Philippou, the FCA's director of enforcement and market oversight, said: "Mr Coyle committed a serious breach of trust by using the confidential price-sensitive information he received as part of his role at Morrisons for his own personal gain."
In a statement, a spokeswoman for Morrisons said: "While this was a regrettable case of an individual acting alone we are pleased that our governance and processes were sufficiently robust to enable the authorities to achieve a successful prosecution.
"We are also pleased that the case has concluded and that the FCA's investigation did not raise wider concerns for the company."
