A PYMNTS Company

UK: Sanctions against JPMorgan exec market manipulation upheld

 |  May 29, 2014

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.