FCA fines compliance officer and broker a combined £116k

The FCA said the pair's actions enabled market abuse to be committed by Rameshkumar Goenka, a Dubai based private investor when he illegally manipulated the closing price of securities traded on the London Stock Exchange (LSE) in October 2010. Parikh was approached by Goenka in April 2010 in relation to trades in Gazprom and Reliance securities in LSE closing auctions. She explained the impact the size and timings of orders could have on price but failed to recognise the risk that his proposed price rigging actions posed. She also did not challenge his intentions. In a later Relian...