On 13 March 2008, Sir Ken Morrison retired as Chairman of W M Morrison Supermarkets plc. Shortly after his retirement, he failed to notify W M Morrison on four separate occasions that he had reduced his voting rights, which he should have done, to below 6%, 5%, 4% and 3% respectively. The changes to his shareholding resulted in W M Morrison not being in a position to update the market. The FSA, therefore, imposed a financial penalty of £300,000 on him, reduced to £210,000 for early settlement, f ...
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The FSA successfully applied to the High Court and obtained an interim injunction freezing company and individual assets of Da Vinci Invest Ltd in relation to the FSA's finding of market abuse in 2010 involving fake share order scams. Da Vinci Invest Ltd is a Swiss based fund manager, but registered in the UK.
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On appeal to have the applicants' previous decision set aside, the Upper Tribunal unanimously concluded that the conduct of the applicants had persistently and repeatedly failed to respect the Prospectus rules and the FSA Handbook. In this regard, the prohibitions imposed on them by the FSA would stand and the financial penalty for Mr Visser previously set at £2 million and the reduced financial penalty for Mr Fagbula of £100,000 would also stand.
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Mr Geddis challenged the financial penalty of £25,000 imposed by the FSA in relation to market abuse committed on the London Metal Exchange. The Upper Tribunal held that Mr Geddis had not appreciated that the price levels at which he was trading were contrary to the LME's interpretation of the Lending Guidance and that the FSA had not established that Mr Geddis demonstrated a lack of integrity, but that he was such a person and that while his conduct in creating a disorderly market fell below th ...
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The Upper Tribunal struck out Mr Allen's reference that his prohibition order should be revoked on the basis that it had no real prospect of succeeding. The prohibition order had been made correctly following the appropriate procedures and there was no other sustainable ground of challenge.
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The FSA imposed a financial penalty of £630,000 (reduced from £900,000 for early settlement) on Swift 1st Ltd for, amongst other things, failing to have adequate systems and controls in place to deal with early redemptions of mortgages. Some customers had overpaid on mortgages that had been redeemed. Swift 1st Ltd will also carry out a customer redress programme which is estimated at a total cost of £2.35 million.
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The FSA has imposed a fine of £8 million for engaging in market abuse. Between 1 January 2007 and 4 January 2008, the FSA found that Swift Trade was systematically and deliberately engaged in a form of manipulative trading activity known as "layering". This layering caused a succession of small price movements in individual shares on the London Stock Exchange, which caused many individual share prices to be positioned at an artificial level. As a result, Swift Trade was able to profit directly f ...
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An application to continue an interim injunction restraining the FSA from publishing a decision notice was refused where the conclusions reached in that notice were already in the public domain and where the FSA had correctly interpreted the nature of its broad statutory power to publish where "appropriate" under FSMA.
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The FSA has charged Thomas Ammann, an investment banker, with three counts of insider dealing contrary to s. 52 of the Criminal Justice Act 1993, one count of money laundering contrary to s. 327 of the Proceeds of Crime Act 2002 and two counts of encouraging insider dealing contrary to section 52 (2) (a) of the Criminal Justice Act 1993. The FSA has also charged Christina Weckwerth with two counts of insider dealing and one count of money laundering and Jessica Mang with one count of insider dea ...
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The FSA has prohibited Mr Lewis, a sole trader mortgage broker, from performing any function in relation to any regulated financial services activity and imposed a penalty of £106,599 due to his breach of principle 1 of the FSA's principles for business.
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