The Financial Services Authority announced today that it has fined a Mr Rameshkumar Goenka of Dubai US$6,517,600 (approximately £4 million) plus a restitution element of US$3,103,640 (approximately £2 million) for manipulating the closing price of Reliance Industries securities on the London Stock Exchange. This is the largest fine that the FSA has ever imposed on an individual – the previous record was £2.8 million. The FSA press release is here and the Final Notice is here.
Still, US$9.6 million isn’t quite the US$92.8 million penalty imposed by a US federal judge on US insider trader Raj Rajaratnam this week. (We covered Mr Rajaratnam’s activities in this post.)