‘Wash Trades’ Lead to Market-Abuse Fine for Ex-Stifel Trader
- Adrian Horn fined $73,000 by U.K. Financial Conduct Authority
- Trades were designed to keep company in FTSE All Share Index
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U.K. financial regulators fined and banned a former senior trader at Stifel Nicolaus Europe Ltd. for market abuse after he was found to have manipulated a client’s stock.
Adrian Horn was fined 52,500 pounds ($73,000) after the Financial Conduct Authority determined he was effectively trading with himself. Horn carried out the practice, known as “wash-trading,” to try to boost activity and ensure the client remained in the FTSE All Share Index, the FCA said.