FSB’s DMA refers Lovell case to Enforcement Committee
"The DMA took several mitigating circumstances into account when reaching the settlement including the fact that the loss avoided as a result of the sale of shares was minimal, the Respondent never appeared before the Enforcement Committee prior to this incident and that the Respondent accepted responsibility for his actions and cooperated with the investigators. A penalty of R10,080 was imposed on the Respondent," the regulator stated.
The FBS's Enforcement Committee is an administrative body that has the authority to impose administrative penalties and cost orders, on offenders of the regulator's legislation.
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