Release Date: 24th January 2013

To access the original FSA document, click here.

Summary

Patrick Sejean has been fined £650,000 by the Financial Services Authority (FSA) for engaging in market abuse and is prohibited from performing any function related to regulated activities due to being deemed not a fit and proper person. This decision, effective from 24 January 2013, comes after a Tribunal upheld the FSA’s initial Decision Notice dated 22 December 2010.

Mr Sejean did not contest the findings of market abuse or the issuance of the prohibition order but appealed the financial penalty on grounds that it would cause him serious financial hardship. The Tribunal, after considering his appeal, decided not to reduce the penalty and confirmed that the prohibition order was appropriate. These decisions were published on the Tribunal’s website on 28 September 2012 and 6 December 2012, respectively.

Key takeaways for other firms and individuals in the financial sector include the importance of adhering strictly to market conduct regulations. Engaging in market abuse not only leads to significant financial penalties but also to prohibitive actions which can end a professional’s career in the regulated financial services industry. Firms must ensure robust compliance with market standards to avoid the severe consequences of regulatory breaches, including financial penalties and potential exclusion from professional roles within the industry. This case serves as a strong reminder of the personal and professional stakes involved in maintaining compliance with financial regulations.