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UK fines JP Morgan banker 450k pounds

Tuesday, July 22 11:43:32

Britain's financial watchdog today confirmed a 450,000 pound fine on high-profile former JPMorgan banker Ian Hannam for market abuse after a long and complex court battle.

"It (the Tribunal judgment) should leave market participants in no doubt that casual and uncontrolled distribution of inside information is not acceptable in today's markets," said Tracey McDermott, the head of the watchdog's enforcement division.

Hannam lost his court battle against the Financial Conduct Authority's (FCA) findings in May and was awaiting confirmation about the level of the fine.

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