The FSA has banned a Swiss fund manager and two traders for market abuse and hit them with fines totalling more than £1.5m.
Stefan Chaligné, a Swiss-based hedge fund manager, has been fined £900,000 plus £308,005 of extra financial benefit he gained.
Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe’s London-based French desk, has been fined £650,000. Both individuals have also been banned.
The third man, Cheickh Tidiane Diallo, a junior trader, has been also banned from performing any role in regulated financial services.
Sejean’s penalty had been deferred pending an Upper Tribunal decision after he appealed. He claimed the punishment should be reduced because it would cause him serious financial hardship.
But on 6 December the Tribunal decided it was not satisfied that Sejean provided a complete and wholly truthful account of his assets and liabilities, and therefore could not be satisfied that he had established hardship.
It added that even if he had been able to show some hardship it would be tempered by his profligate spending, which was a further indication of his unwillingness to take responsibility for his actions.
FSA director of enforcement and financial crime Tracey McDermott says: “We particularly welcome the Tribunal’s finding that, given the seriousness of Sejean’s conduct, the severity of the punishment would have been reduced only in the face of clear evidence of excessive hardship.
“Sejean was unwilling or unable to provide this and the judgment highlights the importance of cooperating with the FSA at all stages of the regulatory process.”