On July 9, the FSA issued a final notice, stating that it has imposed a fine of £160,000 (reduced to £30,000 due to his financial circumstances) on Jay Alan Rutland for engaging in the market abuse offence of improper disclosure under section 118(3) of the Financial Services and Markets Act 2000. He had also encouraging others to engage in similar behaviour. Final Notice.

Mr. Rutland was a senior broker at Pacific Continental Securities (UK) Limited. On four occasions, he drafted and supplied sales scripts to brokers to use when selling shares which contained diluted risk warnings and risk factors. He also improperly disclosed inside information to his colleagues. He did not obtain approval from the compliance department and was aware that he should not circulate scripts which had not been approved.