The FSA has fined a former Pacific Continental Securities UK stockbroker £24,000 for insider trading.
Alexei Krilov-Harrison released inside information of a major contract between Provexis and an international food company to his clients two days before the formal announcement, when the company's share price was forecast to rise as a result. On 28 March 2007, Krilov-Harrison made three calls to clients disclosing the upcoming Provexis deal, advising the share price would ‘jump up substantially' when made public and encouraging them to buy Provexis shares. Two days later, Provexis announced the new contract and its share price increased by 19.81% from the closing price on the previous...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes