On 27 May 2011, the AFM imposed two administrative fines of EUR 192,000 each on MF Global UK Limited for violation of the prohibition on market manipulation (Section 5:58 paragraph 1 sub d FMSA). According to the AFM, MF Global, through one of its employees, disseminated false and misleading information about a contemplated rights issue by Fortis on 15 July and 15 September 2008. The employee was given two fines of EUR 12,000 each.
The information originating from MF Global was distributed via Bloomberg to clients in the Netherlands and abroad and was repeated in the press. According to the AFM, the information was presented as facts rather than opinions of an individual trader and was circulated in a very sensitive financial-economic context. The AFM among other things blamed MF Global for failing to prevent the violations and intervene after the information was sent by the employee.
Both MF Global and the employee filed an objection against publication of the fines with the Rotterdam Court in interlocutory proceedings. The Court dismissed the objections in its decision of 23 September 2011.