FSA issues £2.8 million fine to city chief executive

LONDON – The UK Financial Services Authority (FSA) has announced that it has fined a former city chief executive £2.8 million.

Simon Eagle has received the largest fine ever given to an individual by the FSA. He ran SP Bell, a stock-broking group, and was punished for share-ramping – deliberately attempting to push up the price of Fundamental-E Investments (FEI)

Eagle owned 85% of FEI and used his role at SP Bell to create demand for shares by trading between clients, most of whom were unaware.

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