Ex-LGIM trader jailed for insider dealing

Paul Milsom, a senior equities trader who worked at Legal and General Investment Management (LGIM), has been sentenced to two years imprisonment for disclosing inside information.

Milsom engaged in insider dealing between October 2008 and March 2010, revealing information relating to forthcoming transactions in securities by LGIM.

Tracey McDermott, director of enforcement, said: ‘This case involved serious offending over a number of years, conducted in a sophisticated way using deliberate techniques to avoid detection.

Milsom was an approved person who was entrusted by his employer with sensitive and valuable information. He betrayed that trust by exploiting the information for his own benefit.

She added: ‘Those who work within the industry should be the custodians of its reputation. Milsom’s approach could not have been further from that. His personal greed will have cost him his reputation, his career and his liberty. Those who think there is easy money to be made from insider dealing should think again.'