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Firm fined 500,000 for selling shares short

The FSA has fined Evolution Beeson Gregory 500,000 and head of market-making Christopher Potts 75,000 for distortion amounting to market abuse.

The regulator says EBG, through Potts, implemen-ted a strategy to shortsell 252 per cent of the issued share capital of food delivery company Room Service.

This was in anticipation of Room Service issuing new shares following its AGM on October 20, 2003 but the issue did not take place and the firm’s shares were suspended from Aim on October 22, 2003.

The regulator says EBG’s short-selling of shares went beyond a level where it was capable of delivering the shares, which distorted the supply side of the market and led to it failing to deliver shares to 250 investors.

EBG has already paid out around £150,000 to inves-tors and the FSA says it has cooperated throughout the investigation.

Director of enforcement Andrew Procter says: “The FSA has now taken action against all three categories of market abuse. Market users should be clear – we will not tolerate conduct that undermines the UK’s reputation for maintaining clean, fair and efficient markets.”


‘Super-complaint’ by Which? accuses big four banks in Northern Ireland

The top four banks in Northern Ireland are exploiting consumers and offering inferior products. according to a study by consumer group Which?It is filing a super-complaint to the Office of Fair Trading with the support of the General Consumer Council for Northern Ireland, arguing that bank customers in Northern Ireland are charged 21 times more than mainland customers.

No relation

Further to the article on Square Mile Wealth on October 14, can I just confirm that there is no actual introducer relationship between Hamptons International Mortgages and Charles Cameron.Kevin DuffyManaging director,Hamptons International Mortgages, London


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