While Stefan Chaligné, a Swiss-based hedge fund manager has been fined GBP900,000, Patrick Sejean, a former senior salesman on Cantor Fitzgerald Europe’s (CFE) London-based French desk has been fined GBP650,000.
Meanwhile, FSA did not seek to fine Tidiane Diallo, a former junior trader on the same desk, as it accepted that he was in a position of serious financial hardship; else he would have been fined GBP100,000.
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The Tribunal has also directed the FSA to ban all three individuals from performing any role in regulated financial services.
Chaligné, a French National who was both the fund manager of, and a shareholder in, the Cayman Islands based Iviron hedge fund, has been accused of deliberately manipulating the market in a total of nine securities traded on a number of different European and North American exchanges.
Tracey McDermott, director of enforcement and financial crime, remarked, "Chaligné was an experienced hedge fund manager who engaged in a deliberate scheme of market abuse to benefit his own interests. His scheme involved UK-based traders and impacted several markets across Europe and North America. The significant penalty and ban, along with the Tribunal’s comments, underscore the seriousness of his misconduct."
"Sejean was a willing participant in Chaligné’s scheme. He wholly failed to meet the expectations we have of approved people. Not only did he fail to prevent or report the abuse, he exploited and abused his position of trust and involved more junior traders in his misconduct. He has no place in the financial services industry. Diallo’s role was less significant than the other two but, as the Tribunal put it, to be a fit and proper person to be approved the FSA must be able to have confidence that you are a person who can be trusted, whatever the pressures on [you], to respect the law and the rules of the market," she added.
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