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FSA imposes largest ever fine on an individual

Elisabeth Bremner (Partner at DLA Piper UK LLP, London, UK)
Sumitra Subramanian (Solicitor at DLA Piper UK LLP, London, UK)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 14 September 2010

97

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.

Keywords

Citation

Bremner, E. and Subramanian, S. (2010), "FSA imposes largest ever fine on an individual", Journal of Investment Compliance, Vol. 11 No. 3, pp. 25-27. https://doi.org/10.1108/15285811011082214

Publisher

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Emerald Group Publishing Limited

Copyright © 2010, Emerald Group Publishing Limited

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