Feeds

Investor fined £15k for net share abuse

'Improper dissemination'

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

An "experienced" private investor has been fined £15,000 for posting sensitive financial information on an internet bulletin board to help boost a company's share price.

David Isaacs "dishonestly obtained relevant information" about satellite navigation firm Trafficmaster while visiting a friend's house in 2003. His friend, an employee of Trafficmaster, had confidential internal company documents at home about Trafficmaster's financial performance and a number of new deals.

Isaacs memorised the information while his friend was out of the room and then posted it on a financial message board.

Hitting Isaacs with a £15,000 fine the Financial Services Authority (FSA) said it was a case of market abuse.

Acting director of enforcement at the FSA, David Mayhew, said: "Internet bulletin boards can offer a legitimate and valuable source of publicly available information to investors. But when an individual inappropriately obtains and discloses relevant company information, that is not generally available, through the internet, then this will amount to market abuse.

"The FSA considers that timely disclosure of information through authorised channels is crucial to maintaining fair and transparent markets. Improper dissemination of confidential information, by the internet or any other means, can undermine confidence in the market because it ceases to be a level playing field." ®

Related stories

US punters warned of 'pump and dump' phone scam
Pump and dumper done over down under
World's youngest pump and dumper did nothing wrong

Secure remote control for conventional and virtual desktops

Whitepapers

Driving business with continuous operational intelligence
Introducing an innovative approach offered by ExtraHop for producing continuous operational intelligence.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Choosing a cloud hosting partner with confidence
Download Choosing a Cloud Hosting Provider with Confidence to learn more about cloud computing - the new opportunities and new security challenges.