UK regulator fines broker for abuse by Dubai investor

The U.K. markets regulator fined a compliance officer and a broker a total of about 116,000 pounds ($180,000) for enabling Rameshkumar Goenka, a Dubai-based investor, to commit market abuse in 2010.

The Financial Conduct Authority fined David Davis, a compliance officer at Paul E. Schweder Miller & Co., 70,258 pounds, and Vandana Parikh, a broker at the same firm, 45,673 pounds, for not acting with enough care and diligence, the regulator said in a statement today. Tariq Carrimjee, an investment adviser at Somerset Asset Management LLP, was also fined 89,004 pounds for assisting Goenka.

Goenka was fined $9.6 million in 2011 for manipulating securities prices on the London Stock Exchange (LSE), the largest-ever penalty imposed on an individual by the regulator, then known as the Financial Services Authority.

Carrimjee, who the regulator says participated in discussions about Goenka’s trading and helped him arrange it, is appealing the FCA’s decision at a financial court in London.-Bloomberg