The U.K. markets regulator fined a brother of a man it already penalized in November over using insider information to buy shares in a mining company listed on London’s Alternative Investment Market.
The Financial Services Authority said today that it fined Erik Boyen, a Belgian investor, 176,254 pounds ($256,000) for trading shares in Monterrico Metals Plc using insider information. The FSA already fined Boyen’s brother, Filip, together with the company’s former chairman and ex-U.K. ambassador to Peru, Richard Ralph, over the affair.
Erik Boyen settled his case with the regulator and qualified for a 30 percent discount on his fine, according to the FSA.
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