A former senior partner at a waste industry firm has been found guilty of five counts of insider dealing and dour counts of money laundering at Southwark Crown Court.

Neil Rollins was found guilty in the case brought by the Financial Service Authority (FSA) after he traded on information he obtained as a result of his senior position, laundering the proceeds.

According to the FSA, the former partner had used his knowledge of the PM Onboard's financial position to sell his position and then encourage his wife to do the same.

The FSA said Rollins laundered the proceeds to conceal his conduct when he became aware of an investigation by the regulator.

Margaret Cole, managing director of enforcement and financial crime at the FSA, said, '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’ crime was aggravated by the fact that he sought to hide his conduct from the FSA by laundering the proceeds.'

A sentencing and confiscation hearing will take place on 21 January 2011.

During August and September 2006, Rollins sold his stake for £173,500, the firm later saw share price fall by 17 per cent with the ex-senior partner avoiding losses of approximately £45,000.

The FSA said the proceeds were subsequently laundered after Rollins transferred the money into an account in the name of his father.