FSA slaps stockbroker with biggest-ever individual fine

Simon Eagle has been fined £2.8m and banned from working in financial services for deliberate market abuse. Eagle was responsible for a "complex and prolonged abusive scheme" which deliberately set out to ramp up the share price of Fundamental-E Investments (FEI) for his own benefit, the FSA found. He must repay £1.3m of his profits to the court as well as a penalty of £1.5m, in the FSA's largest ever fine on an individual. In 2003, Eagle agreed to buy 85% of FEI, an Alternative Investment Market (AIM) listed stock, from its two principal shareholders, with a plan to keep 10% of th...