As reported in the January 15 edition of Corporate and Financial Weekly Digest, on January 11, the UK Financial Services Authority (FSA) had announced that Sameer Patel and Robin Chhabra had been found to have committed market abuse by using inside information to carry out a series of profitable spread bets.
On April 16, the FSA announced that it had banned both men from working in the financial services industry and fined Mr. Patel £180,541 (approximately $277,000) and Mr. Chhabra £95,000 (approximately $145,000). Mr. Patel’s fine comprises a punitive element of £95,000 (approximately $145,000) and disgorgement of profits of £85,541 (approximately $132,000). Mr. Chhabra’s fine comprised a punitive element only.
To read the decision in full, click here.