A former senior manager of waste industry company PM Onboard has been sentenced to more than two years in prison for money laundering and insider dealing.

Neil Rollins was sentenced to 27 months in prison and ordered to pay more than £197,000 in confiscation. Costs will be decided at a later hearing.

Rollins was found guilty of five counts of insider dealing and four counts of money laundering in November.

The former manager had sold his shareholding in the company based on his knowledge of the company's worsening financial position and encouraged his wife to do the same.

Once made aware of a Financial Services Authority (FSA) investigation he then tried to launder the proceeds to hide his actions.

Margaret Cole, managing director of enforcement and financial crime at the FSA, said 'By pursuing a criminal prosecution in this case, the FSA has shown that it will take tough action against those who abuse positions of trust by dealing on the basis of inside information.

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