UK Hits Reliance Investor With Record $9.6M Fine

Law360, New York (November 9, 2011, 2:01 PM EST) -- A U.K. market watchdog has fined a Dubai, United Arab Emirates-based private investor more than $9.6 million — the largest fine it has ever imposed on an individual — for manipulating the price of Reliance Industries Ltd. securities, the agency said Wednesday.

The U.K.'s Financial Services Authority said Rameshkumar Goenka placed orders and executed trades on Oct. 18, 2010 that artificially inflated the closing price of Reliance global depository receipts on the London Stock Exchange, allowing him to dodge a multimillion-dollar loss on an over-the-counter structured...
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