FCA has fined a former portfolio manager, partner and CIO £100,00 and banned him as a result of market abuse.
Corrado Abbattista worked for Fenicial Capital Management LLP. FCA found he had created a false and misleading impression of the supply and demand for equities over a 5 month period in 2017. FCA found, as a result of its internal surveillance systems, that he had placed large misleading orders for CFDs which he did not intend to execute, while placing smaller orders that he did intend to execute on the opposite side of the order book. FCA said he knew his actions might constitute market manipulation but recklessly went ahead anyway.
Following FCA’s findings, Mr Abbattista referred the matter to the Upper Tribunal but then withdrew the reference.