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Ex-Morrisons executive charged with insider dealing by FCA

The former treasurer and head of tax at supermarket group WM Morrison, Paul Gerard Coyle, has been charged with two counts of insider dealing by the Financial Conduct Authority.

It is reported that the offences related to trading in Ocado group shares between February and May 2013. The two firms announced a £200 million distribution deal in May, and Coyle was suspended from Morrisons in January.

Ocado shares surged in May, after the online food retailer said it had secured an agreement with Morrisons to deliver goods ordered online by the supermarket’s customers.

The FCA said it had now secured 24 convictions in relation to insider dealing, and was also currently prosecuting eight other individuals for the same offence.

Individuals with information about market abuse can call the FCA’s market abuse hotline on 020 7066 4900.

This was posted in Bdaily's Members' News section by Clare Burnett .