FSA Finalizes Fines, Ban of Swiss Hedge Fund Manager

Jan 28 2013 | 1:03pm ET

The U.K. Financial Services Authority is standing by its punishment of hedge fund manager Stefan Chaligné and two brokers who worked for him.

The regulator on Friday confirmed the fines and bans it levied against the three men last year. In September, a British court upheld those moves.

The FSA accused Chaligné, a Swiss national, of ordering the brokers, Cheikch Tidiane Diallo and Patrick Sejean, to buy up big blocks of seven stocks at the end of 2007 to drive up their price and the performance of his Iviron hedge fund for the year. Chaligné said any market manipulation was inadvertent and that he should not be subject to an industry ban.

Another appeal was also rejected. The FSA issued its final notice of the decisions on Friday.

Chaligné was ordered to pay £1.25 million in fines and restitution. Sejean was ordered to pay £650,000 and Diallo was fined £100,000, a figure that was waived due to financial hardship. Chaligné and Sejean have until Feb. 7 to pay their levies.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...