Broker abuse

Another FSA fine on an individual, this time for abuse of inside information.

Alexei Krilov-Harrison was a broker at Pacific Continental Securities (the latter, as you may be aware, was itself subject to Public Censure in January of this year and only escaped a proposed fine of £2,000,000 because by then it was in liquidation).

The issue around the individual involved an AIM listed stock; insider information; and telephone calls to clients – so you can probably guess the rest.

The details are in the Final Notice. Again, the maximum fine (originally £40,000) was reduced to £24,000, partly due to the financial circumstances of Mr Alexei-Harrison.

Although this individual’s motive was for personal gain, the original maximum fine was less than half of that in the Cumming case above.

COntact us for assistance

Please fill our free consultation form and a member of our team will get in contact with you.