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21 Aug 2006
A chartered accountant who placed spread bets on his company's share price using information that was not in the public domain, has had his fine cut from £300,000 to £250,000.
The cut comes after an appeal to the Financial Services and Markets Tribunal by James Parker, a former credit risk and treasury manager of Pace Micro Technology.
Parker adjusted his spread bets after learning that a larger competitor of Pace had abandoned a possible takeover approach, and that Pace was likely to issue a profit warning within the next few days.
His appeal followed a ruling by the Financial Services Authority, who initially imposed the £300,000 fine.
The Tribunal cut his penalty after finding that his 'abusive profit' amounted to £121,742, not £153,942.
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