Inland Revenue officer pleads guilty to insider trading
An Inland Revenue manager who had access to confidential company information has admitted abusing his position for his own gain, Warwick Crown Court heard yesterday.
Lawrence Champion pleaded guilty to 13 counts of insider trading arising from the purchase of shares in companies he knew were about to be subject to take overs, according to a report in today’s Financial Times.
Working from the Revenue’s Solihull-based capital gains clearance department, Champion fielded enquiries from businesses regarding their tax status. Between August 1997 and December 1998, the 50-year-old used the information to buy shares on 13 occasions.
Champion has been suspended without pay since the trading was uncovered.
The case has been adjourned with no date for sentencing arranged.