The FCA said in a November 30 statement that Manjeet Mohal and Reshim Birk pleaded guilty to three counts of insider dealing on day three of a trial at the Central Criminal Court.
The pair will be sentenced on January 13, 2017.
Mohal came into possession of insider information in his time working in the finance team at technology-services provider Logica, according to the FCA. This was in May 2012, amid negotiations about a takeover by Canada-based CGI.
Describing Mohal as a “trusted member” of the management reporting team at Logica, the FCA said he pleaded guilty to two counts of the illegal disclosure of that inside information.
Birk pleaded guilty to one count of insider dealing, the FCA said. He and Mohal were neighbours.
The FCA said that Birk bought shares and options in Logica two days before the takeover was publicly announced. He made more than £100,000 profit.
According to the regulator, Birk used inside information to inform his trading decisions.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “We are determined to do whatever is required to curb insider dealing and other market abuse to protect both the investing public and market integrity and we will continue to prosecute cases and hold wrongdoers accountable where there is sufficient cause.”
No evidence was offered against a third defendant, Surinder Sappal.
Ryan Wilmott, a former senior manager at Logica, was previously sentenced to 10 months imprisonment in relation to two counts of insider dealing and Kenneth Carver was fined £35,212 for dealing in Logica shares on the basis of inside information.
Lawyers for Mohal and Birk could not immediately be contacted for comment.