Insider dealing charges slapped on former Morrisons tax chief

MORRISONS’ former treasurer and head of tax has been charged with insider trading by City watchdog the Financial Conduct Authority (FCA).

The FCA said it had charged 50-year-old Paul Gerard Coyle – suspended from Morrisons in January – with two offences of insider dealing, contrary to Section 52(1) of the Criminal Justice Act 1993.

The offences relate to trading in Ocado Group plc shares between February and May 2013.

When both firms announced their joint £200m distribution deal in May, it sent the share price in Ocado on an impressive upward trajectory.

The FCA, which took over from the Financial Services Authority in April 2013, has attempted to stamp out insider dealing following criticism that the white collar offence was rampant and often went unpunished.

It said on Monday, that it had now successfully prosecuted 24 individuals for insider dealing-related crimes, and was in the process of throwing the book at eight others.