FSA imposes largest ever fine on an individual

Author： Bremner Elisabeth Subramanian Sumitra

ISSN： 1528-5812

Source： Journal of Investment Compliance, Vol.11, Iss.3, 2010-09, pp. : 25-27

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Abstract

Purpose - The purpose of this paper is to explain the reason for the FSA's largest-ever fine on an individual, for the FSA's continued emphasis on credible deterrence, and the likelihood of significant fines as a matter of course. Design/methodology/approach - The paper describes Simon Eagle's role in a share ramping scheme, the FSA's findings in the Eagle case, and the upward trend in penalties imposed by the FSA in recent years. Findings - The regulator has shown that it does not shy away from levying swingeing fines on individuals as well as firms, particularly in the case of those deemed not to have co-operated. Practical implications - In light of these developments, both individuals and firms should pay heed to the potentially heavy consequences they face should they fall foul of the rules. Originality/value - The paper provides practical guidance from experienced securities lawyers.