FSA Fines Father and Son for Market Abuse

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On July 19, the UK Financial Services Authority (FSA) announced that it had fined Jeremy Burley £144,200 (approx. US$219,700) and his father, Jeffery Burley, £35,000 (approx. US$53,300) for market abuse in relation to the shares of Tower Resources plc (Tower), an oil and gas exploration company, in June 2009.

Jeremy Burley, a British citizen resident in Uganda, was at the relevant time the Managing Director of BMS Minerals, a Ugandan company which provided vehicles and equipment to oil and gas exploration companies in Uganda, including Tower Resources. Jeffery Burley opened a share trading account in the UK, which he used to trade shares on behalf of his son.

On about June 11, 2009 Jeremy Burley learned that drilling at Tower’s first Ugandan oil well was unlikely to produce oil and that the exploration of a second well was unlikely to proceed.

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