FSA Fines Private Investor $9.6 million for Market Abuse

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On November 9, the UK Financial Services Authority (FSA) announced that it had fined Rameshkumar Goenka (Goenka), a Dubai based private investor, $9,621,240 for manipulating the closing price of Reliance Industries (Reliance) securities on the London Stock Exchange (LSE).

The $9,621,240 fine is the largest ever imposed by the FSA on an individual for market abuse. It comprises a penalty of $6,517,600 and a restitution element of $3,103,640. The FSA has stated that the restitution element will be used to reimburse the counterparty which overpaid Goenka that sum as a result of his market abuse.

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