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(May 25, 2010) The Financial Services Authority (FSA), the independent body in charge of regulating financial services in the United Kingdom, has issued the largest fine to an individual in its history -- £2.8 million (about US$4.4 million) to a stockbroker. The FSA found that the stockbroker was involved in a "share ramping scheme" in which he artificially raised the price of a particular share for his own benefit. The scheme was described as complex and abusive by the FSA, which also banned the stockbroker from working in the financial services sector ever again.

The fine consisted of a repayment of £1.3 million (about US$2 million) in profits and a penalty of £1.5 million (about US$2.4 million). (FSA, Final Notice: to Simon Eagle, May 18, 2010, FSA website, available at http://www.fsa.gov.uk/pubs/final/simon_eagle.pdf; Press Release, FSA/PN/084/2010, FSA, FSA Fines Simon Eagle £2.8m and Bans Him from Financial Services for Deliberate Market Abuse, (May 20, 2010), FSA website, available at http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/084.shtml; Alex Spence, 'Dishonest Cheat' Handed Record £2.8m Penalty by FSA, Times ONLINE (London) May 20, 2010, available at http://business.timesonline.co.uk/tol/business/markets/article7131686.ec
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Author: Clare Feikert-Ahalt More by this author
Topic: Securities More on this topic
Jurisdiction: United Kingdom More about this jurisdiction

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Last updated: 05/25/2010