The Financial Services Authority (FSA) has fined and banned a Swiss fund manager and two former traders for engaging in market abuse.
At the end of September last year, the Upper Tribunal directed the watchdog to fine Stefan Chaligne, a Swiss-based hedge fund manager, £900,000.
The FSA was also directed to fine Patrick Sejean, a former senior salesman at Cantor Fitzgerald Europe, £650,000.
Both individuals have also now been banned, along with Cheickh Tidiane Diallo, a junior trader, from performing any role in regulated financial services.
However, Sejean appealed that his fine should be reduced on the grounds that it would cause him serious financial hardship.
In December, the Tribunal decided it ‘was not satisfied that Mr Sejean provided a complete and wholly truthful account of his assets and liabilities, and therefore could not be satisfied that he had established hardship.’
The Tribunal added: ‘Further, even if he had been able to show some hardship, it would be tempered by his profligate spending, which was a further indication of his unwillingness to take responsibility for his actions.’
Tracey McDermott, director of enforcement and financial crime, said: ‘We particularly welcome the Tribunal’s finding that, given the seriousness of Mr Sejean's conduct, the severity of the punishment would have been reduced only in the face of clear evidence of excessive hardship.
‘Mr Sejean was unwilling or unable to provide this and the judgment highlights the importance of cooperating with the FSA at all stages of the regulatory process.’