11:36AM GMT 22 Jan 2011

http://www.telegraph.co.uk/finance/newsbysector/supportservices/8275097/Former-PM-Onboard-manager-Neil-Rollins-given-record-prison-sentence.html

Former company manager Neil Rollins wept as he was given a 27-month prison sentence and ordered to pay £197,000 for insider dealing and money laundering.

The senior manager of waste management company PM Onboard received a record prison sentence for selling £174,000 of shares in the knowledge his employer was struggling.

When he discovered the FSA was investigating the case he attempted to launder the money by transferring it to accounts he had set up in his father's name.

Judge James Wadsworth said: "You sold when you knew it was folly to buy. Every pound you saved was a pound someone else spent. By selling early you broke the trust of your employer, you broke the trust owed to the market."

Rollins sold his entire stake in PM Group between August and September 2006, encouraging his wife Louisa Rollins to do the same. When the financial problems at PM Onboard were announced the shares fell 17pc in a day.

Although half the sentence was suspended, the decision by Justice Wadsworth is a significant victory for the FSA in its fight against insider dealing.