According to the FSA, which imposed the £7.2 million fine for “inadvertently engaging in market abuse in connection with trading of Punch Taverns…the market abuse was not deliberate or reckless. Mr. Einhorn did not believe that the information that he had received was inside information and he did not intend to commit market abuse.” Sayeth Einhorn:

“We believe that this action is unjust and inconsistent with the law and with prior FSA enforcement precedent. However, rather than continue an arduous fight, we have decided to put this matter behind us and concentrate on managing our business…We have always strived to set an example of good conduct and ethics, and we take compliance very seriously. We didn’t believe in 2009, and we don’t believe now, that there was anything wrong with our conduct and our actions. The fine is for trading in advance of a decision that had not been made, and the FSA concedes we did not believe we had any inside information. We did not enter into any confidentiality agreement, we explicitly requested that we not be given confidential information, and we do not believe we were given any such information. Further, all the witness testimony supports our view.”

Einhorn and Co will be holding a 4PM conference call to discuss the situation– stay tuned!

73 comments (hidden to protect delicate sensibilities)
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Comments (73)

  1. Posted by investorcluzo | January 25, 2012 at 12:27 PM

    Fooling some of the people all of the time…
    -D. Einhorn

  2. Posted by Bitchtern | January 25, 2012 at 1:24 PM

    Just more of the Wall Street Witch Hunt drama to keep the proles appeased and not rioting.

  3. Posted by Jackwagon | January 25, 2012 at 1:27 PM

    Donkey?

  4. Posted by Nailz6 | January 25, 2012 at 2:00 PM

    Hardly a fine

    - Raj

  5. Posted by Dog | January 25, 2012 at 2:10 PM

    Those Brits are so polite. I bet they apologised for fining him.

  6. Posted by Default | January 25, 2012 at 2:11 PM

    Pay it in Euros

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