On 24 January 2013, the FSA formally published Final Notices in respect of three separate cases of market abuse (s. 118(5) FSMA). The individuals concerned, Mr Cheickh Diallo, Mr Stefan Chalignè and Mr Patrick Sejean, had challenged Decision Notices issued in December 2010 and referred the matters to the Upper Tribunal. Following the decisions of the Tribunal (upholding the findings of the FSA), Mr Chalignè was fined £900,000 (with additional disgorgement of €362,950) and Mr Sejean was fined £650,000. The FSA stated that it would have imposed a financial penalty of £100,000 on Mr Diallo but for evidence that imposing such a penalty would have caused him serious hardship.
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FSA bans and fines three individuals for engaging in market abuse
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