The Financial Services Authority (FSA) has fined a former managing director at Merrill Lynch International for disclosing inside information about Punch Taverns prior to its 2009 rights issue.
In a statement the FSA said it had fined Andrew Osborne, former managing director in Corporate Broking at Merrill Lynch International (now Bank of America Merrill Lynch International), £350,000 for engaging in market abuse. The FSA said Osborne had improperly disclosed inside information ahead of a Punch Taverns fundraising in June 2009. The FSA said Osborne acted on behalf of Punch and approached Greenlight Capital Inc (Greenlight), a major shareholder at the time. During a phone call, Osborne disclosed inside information that Punch was at an advanced stage of the process towards ...
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