The Tribunal decided it was appropriate for the FSA to impose a financial penalty of £66,062.50 of Mr Scerri for market abuse. This was an increase of £20,000 over the penalty originally imposed by the FSA. The fine represents disgorgement of profits made thought the use of inside information and a penalty of £20,000 for engaging in market abuse. The market abuse arose after Mr Scerri was tipped off that a company in which he had placed orders to purchase shares was about to announce a share pla ...
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An award by FOS accepted by the complainant debars a further claim above the FOS compensation limit of £100,000 in the civil courts. If the complainant wishes for more the FOS decision can be rejected and the claim should be brought in the courts.
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While there was no contemporaneous documentary evidence to support the borrower’s factual basis for its counterclaim it would be permitted to proceed to trial on its case of breach of duty. However in light of the contractual exclusion of set-off in the loan facility letter and the facts there was no basis for staying execution of the bank’s claim for repayment of the loan pending determination of the counterclaim.
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The representation that certain notes linked to Russian issued bonds were conservative and liquid had to be understood in the context in which they were given in terms of describing them relative to other Russian investments at the time. Additionally the representations were representations of opinion of the bank’s sales-person and were not actionable. Even if this had not been the case the parties had agreed in their contractual documentation that there had been no representations and this was ...
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A bond issuer following financial difficulties renegotiated the terms of the bonds. The bondholders agreed to accept lower interest rate payments for a period in return for a contingent payment by reference to the “fair market value” of the guarantor’s assets. The bonds were not repaid until long after the maturity. That delay – itself a breach of its own obligations - did not release the issuer from its obligations to make the contingent payment. The calculation of “fair market value” was to be ...
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The FSA has banned Mr Classey failing to discharge his responsibilities as a partner of First Colonial Investments LLP. The FSA decided that he demonstrated a serious lack of competence and capability in carrying out the controlled function of a partner and was, therefore, not a fit and proper person contrary to the FSA principles.
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The FSA imposed a financial penalty of £35,000 on the Dundee firm Thorntons Law LLP in relation to the sale of Lehman-backed structured products between November 2007 and August 2008. A partner of the firm, Michael Royden, was fined £10,500 and another individual, Robert Yarr, from the IFA firm was fined £28,000 in connection with this matter.
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The FSA fined Fabio Massimo De Biase, a former cash equities broker, £252,239 for acting without integrity. He qualified for a 30% reduction in his financial penalty for an agreement to settle the matter early. The FSA also banned De Biase from working in the financial services industry on the grounds that he was not a fit and proper person.
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The FSA is set to close down Advantage Capital for breaching minimum capital requirements in what would be the first action of its kind against a European private equity house. Advantage has also been battling its cornerstone investor Robert Adair, the oil and gas magnate. In July 2010, the private equity firm took Mr Adair to the High Court for failing to make contractually-obliged payments.
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The FSA fined Goldman Sachs £17.5 million for breaches of principles 2, 3 and 11 which occurred between July 2009 and April 2010. In August 2008 the SEC began enquiries, which later started an investigation of Goldman Sachs. In breach of the FSA principles, Goldman Sachs did not have effective systems and controls in place to ensure that relevant information about the SEC investigation was shared between the people within Goldman Sachs group who needed to know about it. In particular, Goldman Sa ...
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