The FSA has fined two private investors just under £20,000 for "market abuse" as a result of the disgorgement of profits made on transactions where they had inside information.
Stewart McKegg and Brian Valentine Taylor - both private investors in Amerisur Resources Plc - were fined £14,411.25 and £4,642.50 respectively for the offence. The regulator says that if it were not for their financial circumstances both would have been fined an additional £20,000. Both were individually contacted by Amerisur's broker on 23 May 2007 to inform them of a placing of Amerisur shares to be announced the following day. This was at a substantial discount to the market price. During the telephone calls they were informed that this was inside information and confidential. The inv...
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