FSA ACTION: Broker fined for failing to prevent insider trade

The FSA fined Mark Lockwood, a former trading desk manager at a retail stockbroking firm, for failing to identify and act on a suspicious client order that allowed the firm to be used to facilitate insider dealing. “This fine emphasises the importance of the Suspicious Transaction Reporting regime.  Tackling market abuse and insider dealing is not just an issue for the regulator.  Broking firms are the front line of defence against people who seek to misuse and profit from their possession of privileged information.”

About The Author

Felix Shipkevich

Felix Shipkevich is a Manhattan-based attorney and general counsel for Shipkevich Law Firm. He has extensive experience working with the CFTC and NFA on registration, compliance, and enforcement issues for CPOs, CTAs, FCMs, IBs, and RFEDs. Felix also practices intellectual property and corporate governance law.