The former CIO of London-based hedge fund Fenician Capital Management has been fined £100,000 and banned from regulated activity by the Financial Conduct Authority (FCA), following an investigation into market abuse.
Corrado Abbattista, who was a portfolio manager and partner at Fenician, created a false and misleading impression as to the supply and demand for equities between 20 January and 15 May 2017, the FCA said. "On multiple occasions", Abbattista was found to have placed "large misleading orders" for CFDs referenced to equities, which he did not intend to execute. Simultaneously, he placed smaller orders that he did intend to execute on the opposite side of the order book to the misleading orders. "Through his large misleading orders", the FCA said, Abbattista "falsely represented to the m...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
