FSA: Greenlight compliance officer should have questioned the trades, JP Morgan Cazenove trader should have been alert to suspicious nature of trades
We reported on 25 January 2011 on David Einhorn and his hedge fund Greenlight Capital being fined £7.2 million by the FSA for trading on inside information. The Financial Services Authority has today:
- Fined Greenlight’s former compliance officer and trader, Alexander Ten-Holter, £130,000 for “failing to question and make reasonable enquiries” before Greenlight sold its shares in Punch Taverns plc.
- Fined a trading desk director at JM Morgan Cazenove, Caspar Agnew, for “failing to identify” the suspicious sell orders from Greenlight.
Details in this FSA press release. The Final Notice for Mr Ten-Holter is here and the Final Notice for Mr Agnew is here.
UPDATE 16 February 2012: The Bank of America Merrill Lynch broker, Andrew Osborne, has been fined £350,000 by the FSA. A transcript of the disputed conference call has also been released by the FSA. See Broker fined £350,000 in Einhorn / Greenlight Capital / Punch Taverns market abuse affair – and FSA releases transcript of conference call.
Friendly Corporate PSL
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