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.