FSA fines and bans three for market abuses

The Financial Services Authority (FSA) has today published final notices fining and banning three individuals for engaging in market abuse.

On 28 September 2012 the Upper Tribunal (Tax and Chancery Chamber) directed the FSA to fine Stefan Chaligné, a Swiss-based hedge fund manager, £900,000 (plus disgorgement of the financial benefit he obtained in the amount of €362,950) and Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe's (CFE) London-based French desk, £650,000. The Tribunal also directed the FSA to ban both individuals, and Cheickh Tidiane Diallo, a junior trader, from performing any role in regulated financial services. Sejean's penalty was deferred pending the Tribunal's decision on his applica...