The FSA has banned and fined a self employed trader £700,000 for market abuse through manipulation of shares and derivatives.
Barnett Michael Alexander has also been ordered to pay £322,818 in restitution to firms which experienced a loss as a result of his actions. He has been banned from performing any function in relation to a regulated activity for a minimum of five years. Alexander manipulated the prices of shares on the London Stock Exchange by entering multiple small orders to buy and sell shares in an effort to manipulate the price of CFDs and spread bets, said the FSA. He generated £629,130 by trading CFDs and spread bets at prices created through his share price manipulation. He frequently us...
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