The FSA has fined a Dubai-based private investor $9.62 (£6m) for manipulating the closing price of securities on the London Stock Exchange, in the largest fine imposed by the FSA on an individual.
Rameshkumar Goenka's fine includes a penalty of $6,517,600 (£4m) plus a restitution element of $3,103,640 (£2m). The FSA will use the restitution amount to reimburse the bank which overpaid Goenka as a result of his market abuse. On 18 October 2010 Goenka placed orders and executed trades which artificially inflated the closing price of Reliance Industries (Reliance) securities. Goenka had arranged for a pre-planned series of substantial and carefully timed orders to be placed in the final seconds of the LSE's closing auction. The orders were placed and the trades executed with ...
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