Osborne was fined GBP 350,000 for disclosing inside information to Greenlight Capital chairman David Einhorn about a planned equity sale by Punch.
Osborne had proceeded with a conference call between Punch management and David Einhorn, president of Greenlight, during which he disclosed inside information that Punch was at an advanced stage of the process towards a significant equity fundraising, probably within the timescale of a week.
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Being an approved person with considerable experience, Osborne was fully aware of his duties not to disclose inside information and to consider the risk of market abuse. He failed in both these duties and engaged in market abuse by improperly disclosing inside information to Greenlight, FSA said.
Tracey McDermott, the FSA’s acting head of financial crime remarked, "Osborne engaged in serious market abuse. He was trusted as the gatekeeper of inside information and should have been extremely cautious in proceeding with the call with Greenlight."
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