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A RAMPANT FSA COMES UP WITH SOME BIG SCALPS IN ITS ATTACK ON MARKET ABUSE
The Financial Services Authority, long criticised for being impotent at policing insider trading in shares, has recently imposed penalties on four more individuals in relation to their conduct in disclosing inside or confidential information.
In January 2012 US hedge fund manager David Einhorn of Greenlight Capital was fined £3.6m and BAML’s Andrew Osborne was fined £350,000 for market abuse.
Greenlight’s Alexander Ten-Holter was fined £130,000 for breaching two of the regulator’s principles. All three penalties arose out of events leading up to a fund-raising for Punch Taverns.
In a separate matter, Nicholas Kyprios of Credit Suisse was fined £210,000 last month.