FCA Fines Fund Manager For Plot To Keep IPO Price Down
Law360, London (February 5, 2019, 5:22 PM GMT) -- A former fund manager at Newton Investment Management Ltd. has been fined £32,200 ($42,000) for attempting to collude with rivals to devalue the price of a company before a public share sale, the Financial Conduct Authority said Tuesday.
Paul Stephany was penalized by the regulator for contacting fund managers at competitor firms and attempting to manipulate the prices of their order books before an initial public offering. The watchdog said the fund manager failed to observe proper standards of market conduct.
Stephany sent emails to peers at rival companies discussing the price to be paid for shares in travel company On...
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