FSA has fined a Dubai-based investor US$9.6 million for market abuse. It found Rameshkumar Goenka had manipulated the closing price of a company's securities on the London Stock Exchange. The fine, which is the largest on an individual, includes a restitution payment of over US$3 million that FSA will use to reimburse the bank, which overpaid the investor as a result of his market abuse. Mr Goenka manipulated the market by increasing the stock closing price to avoid a loss on a structured product he held. He planned to engage in similar behaviour in relation to another stock, but in fact no trading took place. (Source: FSA Fines Individual for Market Manipulation)