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Winterflood to appeal £4m FSA fine

Stockbroker firm Winterflood is appealing a record FSA fine of £4m for alleged market abuse.

The regulator fined the firm for failing to notice warning signs or to query particular trades in Fundamental-E Investments in 2004.

The FSA alleges that the market-maker “failed to have appropriate regard to warning signs and failed to ask questions about the propriety of the third party trades in Fundamental-E executed by Winterflood, and thereby committed market abuse”.

Winterflood has referred the case to the Financial Services and Markets Tribunal.
Close Brothers, which owns Winterflood, says the fine will not affect its financial results or those of Winterflood.



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