FSA sanctions hedge fund manager in market abuse case

Steven Harrison, a portfolio manager for Moore Credit fund, has agreed not to act as a fund manager or trader for 12 months and to pay a £52,500 fine. On 28 September 2006, he was found to have been provided with inside information about the refinancing plans of Rhodia SA by Credit Suisse. Harrison accepts that he was given inside information although he failed to recognise this at the time. Upon receipt of the information, he instructed a colleague to buy 2m Rhodia 10.50pc senior notes due 2010 on that day. The FSA found that Harrison's conduct was not deliberate and he made no dire...