£150,000 fine for Eicom share abuse
11 April 2012
A former PR man and corporate financier was today fined £150,000 for market abuse in the shares of now defunct digital broadcaster Eicom.
David Massey short sold 2.5 million shares at 8p in the knowledge the company was about to raise funds issuing shares at 3.5p to which he susbcribed. He made a profit of £100,000.
The FSA had hoped to fine him £280,000 but this was halved by the appeal tribunal.
