The UK regulator has fined ABN Amro Equities £900,000, one of its largest penalties ever, and also fined the bank's former joint head of UK equity trading Michael Ackers £70,000. The bank was penalised for attempting to manipulate the closing price of four different stocks on three separate occasions, between April 1998 and October 1998. The Financial Services Authority, which regulates the UK stock markets, found that ABN Amro's equities division did not have an adequately resourced compliance function.
April 25, 2003