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Release Date: 12th August 2015

To access the original FCA document, click here.


The FCA has secured a High Court judgement awarding permanent injunctions and penalties totalling £7,570,000 against Da Vinci Invest Ltd, Mineworld Ltd, Szabolcs Banya, Gyorgy Szabolcs Brad, and Tamas Pornye for committing market abuse. The defendants were found guilty of using a manipulative trading strategy known as “layering” on 186 UK-listed shares. Layering involved placing large and small orders to create a false impression of supply and demand, allowing the defendants to trade shares at artificial prices, ultimately profiting from these manipulations.

The FCA intervened in July 2011, securing an interim injunction to halt the abuse and freeze the assets of the implicated companies. This case marks the first time the FCA has requested the High Court to impose a permanent injunction and penalty for market abuse. The manipulative actions took place across multiple trading platforms, including the London Stock Exchange and various multilateral trading facilities.

Key Takeaways for Other Firms:

By following these principles, firms can maintain market integrity, avoid significant penalties, and contribute to the fair functioning of financial markets.

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