Einhorn: $11.3 million U.K. market abuse fine is “unjust and inconsistent”

January 25, 2012   Lawrence Delevingne


FSA says the Greenlight founder should have known better about trading in Punch Taverns stock.

The U.K. Financial Services Authority said today it had fined David Einhorn and his Greenlight Capital about £7.28 million, or $11.35 million, for “engaging in market abuse in relation to an anticipated significant equity fundraising” by British bar owner Punch Taverns in June 2009.The FSA noted that Einhorn’s dumping of 11,656,000 Punch shares before the price fell nearly 30%—based on a conference call with a Punch...

Subscribe

Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.

Subscribe now

Free trial

Taking a free trial will give you access to the current issue for two weeks (excluding some surveys and articles). Start your trial today.

Free Trial



Latest Poll

Will John Paulson be back on the Rich List next year?

 - 30%
 - 70%

View previous results


Latest issue

VIEW ONLINE NOW