The UK High Court imposed a permanent injunction and penalties of over GBP 7.5 million (approximately US $11.8 million) against five defendants for engaging in market abuse in an action brought by the UK Financial Conduct AuthorityThe defendants are Da Vinci Invest Ltd, Mineworld Ltd, Szabolcs Banya, Gyorgy Szabolcs Brad and Tamas Pornye. The FCA charged that, between August and December 2010, and from February until July 2011, the defendants engaged in manipulative conduct related to shares of stock traded on the electronic trading platform of the London Stock Exchange and multilateral trading facilities. Typically the defendants would enter a mixture of large and small orders on one side of LSE’s order book close to the best bid and offer “but far enough away to minimise the risk that they would be traded.” As prices moved in one direction, other large orders would be placed at prices near the new best bid or offer to encourage the directional move. At some point, the defendants would place a trade on the other side of the market to take advantage of the price move. According to the FCA, “[t]he large ‘layered’ orders, which were never intended to trade and which were used to stimulate the price movement of the relevant shares, were then cancelled and the process would start over again, typically aimed at moving the share price in the opposite direction.” The defendants would liquidate their previously obtained open position, taking advantage of the new contra-price movement and realizing a profit. In ruling for the FCA, the judge hearing the case said, “[m]arket abuse can cause serious harm, not only to other market participants and the many millions of private citizens whose personal wealth and provision for retirement is invested on the financial markets, but also to the reputation of those markets more generally.” The UK High Court hears civil cases and consists of three divisions: the Queen’s Bench, the Chancery and the Family Divisions; appeals from the High Court are made to the UK Court of Appeals and to the UK Supreme Court.