Monday, 2 May 2016
Last updated 5 min ago
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.