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.
However, on 6 December the Tribunal decided it was not satisfied that Sejean had provided a complete and wholly truthful account of his assets and liabilities, and therefore could not be satisfied that he had established hardship.
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.”