JPMorgan Exec Resigns After FSA Levies £450,000 Fine Related To Market Abuse

JPMorgan Cazenove’s

JP Morgan

after the Financial Services Authority charged him with market abuse for disclosing insider information to a client, The Telegraph reports. 

The FSA slapped Ian Hannam — an ex-soldier turned banker who is known as the “king of the miners” — with a £450,000 fine (~$719,000). 

The regulatory authority alleges that Hannan engaged in two instances of market abuse (improper disclosure) in two emails sent in September and October of 2008.  Those emails contained information about Heritage Oil Plc, a JPMorgan client. 

Hannan is the most recent high profile financier to receive a fine from the FSA.  Earlier this year, hedge fund hot shot David Einhorn and his Greenlight Capital were hit with a $11.2 million penalty for allegedly trading stock on inside information.

Hannan, who said he will stay on to complete the Glencore Xtrata merger, said he will fight the FSA’s decision, according to the Telegraph.

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