Record £2.8m fine for cheating broker

THE City watchdog has handed out its biggest individual fine to a "dishonest cheat" at the heart of a share-ramping scheme.

By The Newsroom

Published 20th May 2010, 20:36 BST

Updated 20th May 2010, 20:43 BST

The Financial Services Authority (FSA) yesterday fined former stockbroker Simon Eagle 2.8 million after a long-running investigation into his actions to inflate artificially the price of Aim-listed company Fundamental-E Investments between 2003 and 2004.

Eagle – who has also been banned from working in financial services – showed "breathtaking disregard" for his clients, who were left with individual debts of more than 9m, the FSA said.