UK Hits Oil Exec With Record $1.5M Insider Trading Fine

Law360, New York (February 16, 2010, 12:43 PM EST) -- The United Kingdom's Financial Services Authority announced Tuesday that it had fined Mehmet Sepil — the CEO of Turkish oil giant Genel Enerji AS — £967,000 ($1.5 million) for insider trading, the largest fine for market abuse the agency has ever imposed on an individual.

Two other Genel executives — Chief Commercial Officer Murat Ozgul and exploration manager Levent Akca — were also assessed £105,240 ($165,000) and £94,060 ($147,000), respectively, for their alleged complicity with Sepil in a scheme to use inside information about drilling tests...
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