FSA fines Winterflood and traders £4.25m

Winterflood and traders Stephen Sotiriou and Jason Robins lost their case in the Court of Appeal, meaning they must now pay their fines of £4m, £200,000 and £50,000 respectively. The Court of Appeal also ordered Winterflood, Sotiriou and Robins to pay the FSA's costs of the appeal of £52,500. In June 2008, the FSA found Winterflood and its traders had played a pivotal role in an illegal share ramping scheme relating to Fundamental-E Investments Plc (FEI), an AIM listed company. Share ramping is the process of influencing the share price of a company and then taking advantage. In...