The SFA handed out its largest fine to date this week after it hit stockbroking and corporate f...
The SFA handed out its largest fine to date this week after it hit stockbroking and corporate finance firm ICE Securities (ICE) with a £1m penalty. The severe reprimand was handed out after ICE paid three of its customers $3,900 per share for 500 shares which were worth at least $18,000 each. It meant the customers in question only received approximately 20% of the amount due to them while the remaining profit was retained by ICE.
Christopher Woodgate, the former chief executive, chairman and majority shareholder of ICE has subsequently been expelled from all SFA's registers. ICE paid an additional £3.3m compensation to the customers affected but had it not done so the SFA would have accordingly upped its fine to £4.3m. ICE and Christopher Woodgate are paying the SFA's costs.
The case had been contested by ICE and Christopher Woodgate before both the SFA Disciplinary and the SFA Disciplinary Appeal Tribunals.
ICE is now under new management and Christopher Woodgate no longer has any involvement with the company.
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