Friday, 29 May 2015
Last updated 3 hours ago
Feb 18 2010 | 2:05am ET
Hedge fund manager Philippe Jabre has lost the dubious distinction of being handed the largest fine in Financial Services Authority history.
The British regulator yesterday imposed a £967,005 fine on Mehmet Sepil, CEO of Turkish oil company Genel Enerji, for alleged insider-trading. That’s almost one-third more than the £750,000 it fined Jabre, then at GLG Partners, for market-abuse in 2006.
According to the FSA, Sepil bought shares of Heritage Oil after receiving a tip that the company had found a sizeable oil well in Iraq. One day later, Heritage announced its find, sending its shares up by a quarter and earning Sepil a £267,000 profit.
The FSA also fined two other Genel executives, chief commercial officer Murat Ozgul and exploration manager Levent Akca.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…