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Morrisons ex-treasuer and head of tax Paul Gerard Coyle charged with insider trading over Ocado shares
A former treasurer and head of tax for Morrisons has been charged with insider dealing in relation to Ocado share trading.
Paul Gerard Coyle has been charged by the Financial Conduct Authority with two counts of insider dealing related to trading shares in the online grocery delivery service between February and May 2013.
A £200m partnership between the two companies was announced in May, which sent Ocado shares surging. The deal saw Ocado roll out Morrisons' first grocery delivery service.
Coyle was suspended from Morrisons in January. The FCA was able to prosecute under the Criminal Justice Act 1993.