Wednesday, 17 February 2010

Mehmet has his Phil

I read that Mehmet Sepil, the chief executive of Turkish oil group Genel, has received the largest Financial Services Authority fine ever dished out to an individual for market abuse.
Sepil's to sign a cheque for £967,005 after he discovered drilling results of Genel's joint venture partner, Heritage Oil, and then traded on the inside information.
The punishment beats the £750,000 handed out in 2006 to
Philippe Jabre, a former managing director of hedge fund GLG Partners.
He's now plying his trade in Switzerland, but I wonder: might he be tempted back to London for another assault on the record?

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