The Tax and Chancery Chamber of the Upper Tribunal has issued its decision in the matter of Andre Jean Scerri and the FSA imposing a financial penalty of £66,062.50 on Scerri for market abuse. The fine increases the penalty of £46,062.50 originally imposed by the FSA and represents disgorgement of profits made through the use of inside information and a penalty of £20,000 for engaging in market abuse. Scerri, a private investor in Amerisur Resources Plc (Amerisur, then known as Chaco Resources Plc) cancelled a buy order to increase his existing position in Amerisur after receiving information from another private investor that a placing of Amerisur shares was to be announced the next day at a substantial discount to market price. Scerri sold his existing position and participated in the placing, rebuilding the majority of his position by subscribing for discounted shares. The FSA originally decided not to impose a penalty of £20,000 on Scerri on the grounds that it would cause him serious financial hardship. The Tribunal, ruling that the penalty should be imposed, found that the information that Scerri had provided to the FSA in connection with his financial hardship claim was incomplete and misleading; Scerri's current financial situation was a result of self-induced damage occurring after he became aware of the proposed penalty.