Near-record fines indicate FSA's harsh approach to market abuse

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Over the past week, the UK Financial Services Authority (FSA) has enforced near-record fines on individuals involved in market abuse, following the strategy its senior managers laid out in 2011.

On January 25, the FSA fined David Einhorn, owner of prominent US hedge fund Greenlight Capital, and his fund £7.2 million for engaging in market abuse in relation to significant equity fundraising by Punch Taverns in June 2009.

Minutes after a telephone call with Punch's management and broker, where he

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