A private investor in the fiscal sector has been fined more than £66,000 after it was found by the Financial Services Authority (FSA) that he had committed market abuse.
FSA investigations revealed that Andre Jean Scerri - who worked at Amerisur Resources, an oil and gas company with operations in the South American nations Colombia and Paraguay - has contravened regulatory rules in May 2007 during an incident in which he tried to increase his existing position at the firm.
He subsequently used insider information in an attempt to make increased levels of profits and was initially fined £46,065.50 by the FSA for his unscrupulous behaviour.
However, scrutiny into the case by the Financial Services and Markets Tribunal resulted in the body deciding to increase this penalty by an additional £20,000.
Margaret Cole, managing director of enforcement and financial crime at the FSA, commented that the individual "took advantage" of his illegally gained information and therefore broke fiscal regulations.
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Posted by Daniel Frost