Morrisons' former group treasurer has been sentenced to twelve months in prison after being convicted of two counts of insider trading.
Paul Coyle, who was also head of tax at the supermarket, bought Ocado shares in February and March 2013 using two accounts in his partner’s name. He made £79,000 profit through the trades, according to the Financial Conduct Authority (FCA). He pleaded guilty to the charges, which were bought against him by the FCA. He must pay £15,000 towards prosecution costs and will be the subject of a confiscation order of the value of £203,234. In May 2013, Ocado announced a deal with Morrisons which would see the digital food retailer distribute online orders from the supermarket’s website. ...
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