A former director of a Shipley company has been convicted of insider dealing by selling his shares in the firm before he knew they would fall in value.

Neil Rollins, 46, of Flappit Springs, Keighley, who was manufacturing director at PM Onboard Limited, a waste industry firm, was found guilty of five counts of insider dealing and four counts of money laundering by a jury at Southwark Crown Court, after he traded on the basis of information he obtained as a result of his senior position and laundered the proceeds.

Based on his knowledge of the company’s worsening financial position, he sold his entire shareholding in PM Group plc and encouraged his wife to do the same.

When Rollins became aware of the Financial Services Authority’s interest in his dealing he laundered the proceeds to try to hide his conduct.

The case was adjourned until January 21 for a sentencing and confiscation hearing.

It is the fifth successful prosecution brought by the FSA as part of its ongoing drive to promote efficient, orderly and fair markets and to tackle market abuse.

After the case, Margaret Cole, managing director of enforcement and financial crime at the FSA, said: “This is another milestone in our fight against market abuse.

“Insider dealing is not a victimless crime and we remain committed to stamping out this type of fraud by those trusted with inside information.

“Insider dealing damages the very confidence that underpins the integrity of our markets.

“Rollins’s crime was aggravated by the fact that he sought to hide his conduct from the FSA by laundering the proceeds.”