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.