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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Published In: Administrative Agency Updates, Business Torts Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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