The Financial Services Authority (FSA) has fined Swiss-based French hedge fund manager Stefan Chaligné £900,000 and handed out a lifetime ban for market abuse.
A tribunal upheld the FSA decision to ban Chaligné, finding him guilty of market manipulation on nine separate occasions. Chaligné, fund manager of the Cayman Islands-based "Iviron" hedge fund, made large purchases in eight securities on 31 December 2007, which in the case of two companies accounted for more than two-thirds of its average daily trading volume. He did so by placing orders via broker Cantor Fitzgerald which were designed to increase the closing price of the securities, and thereby increase the value of the hedge fund, on two key portfolio valuation dates for the fund. ...
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