Jabre’s ’06 FSA Fine Surpassed By Insider-Trading Penalty

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.


In Depth

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...