How does another crook owning a large part of cvi. Not sure having this guy involved in Calvalley is a good thing for investors- it looks to me that certain people are looking to buy up the voting control of CVI.a - so they can keep control of the company - should Ed be banned from the TSX after the insider trading trial.
Fund manager Stefan Chaligné loses his appeal against FSA fine
By RUPERT STEINER
PUBLISHED: 21:02 GMT, 28 September 2012 | UPDATED: 09:25 GMT, 29 September 2012
A millionaire fund manager who was fined by the City regulator for deliberately ramping up prices of shares he held on the specific days that his bonus was calculated has lost his appeal.
The upper Tribunal (Tax and Chancery Chamber) endorsed the £900,000 fine levied by the Financial Services Authority on Swiss-based hedge fund manager Stefan Chaligné who engaged in a practice known as ‘window-dressing the close’.
He was also banned from working in the UK finance industry.
Appeal: But fund manager Stefan Chaligné will have to pay £900,000 FSA fine
Chaligné, a French national who was both the fund manager and a shareholder of Cayman Islands-based ‘Iviron’, deliberately manipulated the market in a total of nine securities traded on a number of different European and North American exchanges.
Chaligné, who made £266,924 from the trades, instructed two former Cantor Fitzgerald traders, Cheickh Tidiane Diallo and Patrick Sejean, to trade on his behalf on the specific dates.
The practical effect was to increase the performance and management fees paid to him by the beneficiaries of the hedge fund.
Sejean, who also appealed, was told to pay a £650,000 fine, £100,000 more than first imposed.
A ban against Diallo, who had maintained that a ban was too severe, was also upheld.