FSA fines and bans three for market abuses

On 28 September 2012 the Upper Tribunal (Tax and Chancery Chamber) directed the FSA to fine Stefan Chaligné, a Swiss-based hedge fund manager, £900,000 (plus disgorgement of the financial benefit he obtained in the amount of €362,950) and Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe's (CFE) London-based French desk, £650,000. The Tribunal also directed the FSA to ban both individuals, and Cheickh Tidiane Diallo, a junior trader, from performing any role in regulated financial services. Sejean's penalty was deferred pending the Tribunal's decision on his applica...