UK watchdog fines, bans former hedge fund official for market abuse

LONDON (Reuters) – Britain’s Financial Conduct Authority said on Tuesday it has fined former hedge fund official Corrado Abbattista 100,000 pounds ($134,000) for market abuse and banned him from the industry.

“Following an investigation, the FCA found that Mr Abbattista, an experienced trader, engaged in market abuse by creating a false and misleading impression as to the supply and demand for equities between 20 January and 15 May 2017,” the watchdog said in a statement.

Abbattista was a portfolio manager, partner and Chief Investment Officer at Fenician Capital Management LLP.

($1 = 0.7488 pounds)