FCA charges ex-Morrisons exec with insider trading

The FCA has charged the former treasurer and head of tax at Wm Morrisons, Paul Coyle, with insider trading.

The 50-year-old has been accused of two insider trading offences relating to Ocado Group shares that were traded between February and May last year.

Ocado secured its first commercial deal with Wm Morrisons in May 2013 which allowed the company to set up its online supermarket.

The charges against Coyle come hot on the heels of Tesco’s £250m overestimation of predicted profits for the six months to August.

The FCA is currently investigating eight other people for various insider trading charges.

Martyn Dodgson, Andrew Hind, Benjamin Anderson, Iraj Parvizi, Richard Baldwin and Grant Harrison are scheduled to stand trial in January 2016.