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Broker’s £24,000 fine for Provexis insider trading
17 Nov 2009A stockbroker was today fined £24,000 by the Financial Services Authority (FSA) for using insider information to encourage clients to buy shares before the big news was announced.
Shares in the AIM-listed food technology group Provexis jumped 20% on 30 March, 2007, when it announced it was going into a collaborative deal with consumer goods giant Unilever.
In the preceding 24 hours Alexei Krilov-Harrison rang his clients telling them a deal was about to be announced. He had been briefed on the deal at the now-defunct broking firm Pacific Continental Securities on 28 March.
The FSA said the broker had not personally profited from the insider trading but was motivated by his desire to get a bonus.
Reader views (1)
What a plank. Pacific Continental were just about the worst sort of bucket-shop around. Amazing that the Fully Supine Authority let them trade for so long.
- Kevin Lynch, Dublin, 17/11/2009 13:38
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