Einhorn Addresses Insider Trading in U.K.
David Einhorn’s Greenlight Capital, Inc. has confirmed that the Financial Services Authority (“FSA”) in the United Kingdom has fined Greenlight and David Einhorn for inadvertently engaging in market abuse tied to trading in shares of Punch Taverns plc (LSE: PUB) back…
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David Einhorn’s Greenlight Capital, Inc. has confirmed that the Financial Services Authority (“FSA”) in the United Kingdom has fined Greenlight and David Einhorn for inadvertently engaging in market abuse tied to trading in shares of Punch Taverns plc (LSE: PUB) back in June 2009. Greenlight’s statement was that “The FSA has found that the market abuse was inadvertent” and that the notices showed that the market abuse was not deliberate or reckless. It further noted that Einhorn did not believe that the information that he had received was inside information and the FSA imposed a £7.2 million fine (British Pounds). Einhorn even called the action unjust and inconsistent with the law and with prior FSA enforcement precedent.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
