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FSB imposes fine on errant securities trader

FSB imposes fine on errant securities trader
24-11-14 / Staff Writer

FSB imposes fine on errant securities trader

It said the Directorate of Market Abuse had referred the case against Sweeney to the Enforcement Committee after investigations revealed he had contravened the Act by engaging in 23 instances of improper and manipulative trading practices in respect of the African Dawn Capital Limited Ltd share during September and October 2008.

At the time, Sweeney was a securities trader employed at Watermark Securities (Pty) Ltd, which was authorised to perform trading and investment services as well as to act as a non-clearing derivatives and products member of the JSE.

The regulator said the Enforcement Committee took several mitigating circumstances into account, including that Sweeney cooperated with the FSB, and that he was remorseful for his actions.

The order is available on the FSB website at www.fsb.co.za.

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