Hedge fund manager David Einhorn and his fund Greenlight Capital were fined 7.2 million pounds ($11.2 million) by the U.K.’s Financial Services Authority, Bloomberg TV’s Dominic Chu reported.
The FSA said that Einhorn’s fund traded stock in Punch Taverns PLC on inside information back in 2009.
According to Sky News’ Mark Kleinman, Greenlight sold shares of the pub and bar operator just three days before Punch Taverns revealed plans to raise £350m from investors.
Kleinman added that Greenlight had pared back its stake in the company several times before the announcement was made.
Einhorn is known for seeing problems at Lehman Brothers and publicly shorting the stock before the bank folded.