FSA Fines Former CEO for Market Abuse

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On July 6, the UK Financial Services Authority (FSA) announced that it had fined Henry Cameron, CEO of Sibir, a former Alternative Investment Market (AIM)-quoted energy company, £350,000 (approximately $530,000) for making misleading announcements to the market regarding payments from Sibir to its major shareholder Chalva Tchigirinski. The penalty reflected a Stage 1 (30%) discount under the FSA’s settlement discount scheme.

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Published In: Administrative Agency Updates, Business Organization Updates, Criminal Law Updates, Finance & Banking Updates

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