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AIM fines Seymour Pierce £400,000
by Daniel Grote on Dec 22, 2011 at 08:16
AIM has fined investment bank Seymour Pierce £400,000 for breaching the exchange's rules in its work on behalf of two clients.
AIM found that the bank, a nominated adviser on the exchange, had drafted two inaccurate market announcements for one client, failing to alert investors of the difficulties faced by the company, which has now gone into administration.
In another case, Seymour Pierce repeatedly rejected queries from the exchange over the past record of a proposed director of a company seeking admission to AIM. The exchange did not name the client companies involved in the breaches.
Seymour Pierce chief executive Phillip Wale accepted AIM's findings, saying the sanctions were 'appropriate'.
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