Full house for the FSA – David Einhorn, his hedge fund, his compliance officer, the Cazenove trading desk director and now the Merrill Lynch corporate broker have all been fined for involvement in Punch Taverns market abuse affair – as transcript of disputed conference call is released
The Financial Services Authority has today announced that it has fined Andrew Osborne, former Managing Director in Corporate Broking at Merrill Lynch International (now Bank of America Merrill Lynch International), £350,000:
“for engaging in market abuse by improperly disclosing inside information ahead of a significant equity fundraising by Punch Taverns Plc (Punch) in June 2009″.
The fine relates to Mr Osborne’s involvement in Greenlight Capital’s sale of Punch shares ahead of a major fundraising by Punch. For more, see our posts “David Einhorn and Greenlight Capital fined £7.2m for trading on inside information; adamant they did nothing wrong” and “Einhorn and Greenlight Capital insider trading: Compliance officer and trader fined“
See also: Margaret Cole to leave FSA – FSA
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