FSA fines Credit Suisse salesman £20,000

The Financial Services Authority (FSA) has fined an equity salesman at Swiss bank Credit Suisse First Boston (Europe) £20,000 for inappropriate conduct and failing to exercise due skill, care and diligence.

The UK regulator said that in May 2005, Sean Pignatelli, a US equity salesman at CSFB, received an analyst's email concerning Boston Scientific Corporation (BSX). The email was worded in such a way as to appear that it might have contained inside information about BSX's prospects, but did in fact not contain inside information, according to the FSA.

Pignatelli did not discuss the email with his senior managers or compliance department, as was required, and embarked on a series of calls to clients passing on the information.

During these calls, Pignatelli used language giving the impression that the email did indeed contain inside information.

Impact

On passing judgement, Sally Dewar, FSA director of markets, said: "This case demonstrates the importance we attach to market participants giving due care and attention to the impact on the quality of markets of the information they disseminate."

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