A City Tribunal has sided with the UK’s financial Conduct Authority in ruling that former JPMorgan executive Ian Hannam did, in fact, commit market abuse.
Hannam had attempted to appeal the FCA’s fine of more than $750,000 after finding evidence of his participation in insider trading related to the planned acquisition of oil firm Heritage. JPMorgan was advising Heritage at the time of the possible takeover.
Officials found evidence that Hannam disclosed insider information to a client regarding the transaction.
The Tribunal upheld the FCA’s findings and the fines, however, dismissing Hannam’s claims that rules regarding market abuse were not clear.
According to reports, the former head of JPMorgan capital markets has a lengthy roster of high-profile merger deals on his resume, including the advising role of the merger of Glencore and Xstrata.
Full content: The Independent
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI