Former L&G trader jailed two years for insider trading
LONDON, March 7
LONDON, March 7 (Reuters) - Paul Milsom, a former equities trader at the investment arm of life insurer Legal & General , was sentenced to two years in jail for insider trading on Thursday.
Milsom, who pleaded guilty to the charge, is the first person to be convicted in the Financial Services Authority's biggest insider dealing investigation to date, which began in March 2010. Six others have been charged and are awaiting trial.
Milsom was ordered to pay just over 245,000 pounds ($368,800), the total amount of profit he made from insider trading, to the court.