24 January 2011 at 20:10

http://www.compliancy-services.co.uk/news/article/655/former-senior-manager-gets-27-months-for-insider-dealing-and-money-laundering

A former senior manager at a waste industry firm has been sentenced to 27 months in prison for insider dealing and money laundering.

Neil Rollins, who worked for PM Onboard Limited, was also ordered to pay £197,000.66 in confiscated funds following a Financial Services Authority (FSA) investigation.

The sentence follows a trial held in November last year which saw Rollins found guilty of five counts of insider dealing and four counts of money laundering after he traded on the basis of information he obtained as a result of his senior position and laundered the proceeds.

Rollins sold his entire shareholding in PM Group plc and encouraged his wife to do the same when he became aware of the firms worsening financial situation, before laundering the proceeds once he became aware of the FSA's interest in his dealings.

In passing sentence, Judge Wadsworth QC 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 [and] you broke the trust owed to the market."