In two separate Final Notices issued on 5 July 2012 and 6 August 2013, the FCA imposed financial penalties of £70,258 on David Davis, a senior partner and compliance officer at Paul E Schweder Miller & Co and £45,673 on Vandana Parikh, a broker at the same firm. The FCA determined that Mr Davis and Mr Parikh breached Principle 6 of the Statements of Principle and Code of Practice for Approved Persons for failing to act with due skill, care and diligence which allowed Dubai-based investor, Rameshkumar Goenka, to manipulate the closing price of securities traded on the London Stock Exchange. In October 2010, the FSA fined Mr Goenka £6 million, representing the largest ever fine imposed on an individual. Tracey McDermott, the FCA director of enforcement and financial crime, commented: “The collective failure of Parikh and Davis to recognise the warning signs and react accordingly meant they unwittingly enabled his manipulation to take place.”
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FCA bans and fines compliance officer and broker £116,000 over market abuse
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