Trader who made £100k from market abuse banned

The Upper Tribunal (Tax and Chancery Chamber) directed the FSA to impose the punishments on David Massey, a former corporate finance executive at Zimmerman Adams International. On 1 November 2007, David Massey short sold 2.5m shares of Eicom at 8p per share, knowing it was intending to issue new shares at 3.5p per share. Within a matter of minutes he accepted an offer to subscribe for 2.6m newly issued Eicom shares at 3.5p and used the shares he obtained to close his short position, making a net profit of over £100,000. Massey had occasionally acted as a financial PR consultant for...