FSA bans stockbroker for market abuse

Graham Betton, a former director of agency-only stockbroker SP Bell, is also expected to receive a fine, which will be decided upon by the Upper Tribunal (Tax and Chancery Chamber). He was involved in the scheme, which sought to profit from manipulating the share price of Fundamental-E Investments (FEI), with Simon Eagle, who was also banned and fined £2.8m by the FSA in May. In 2003, Eagle bought 85% of FEI and acquired SP Bell in order to sell FEI stock to its clients, generating demand for the stock and pushing its price up. Betton then instructed SP Bell staff to sell FEI share...