CSEC €6.5 mn Insider Deal Fine

On Jul. 25, CSEC fine for insider dealing, market manipulation.

  • Fines of almost €6.4mn for share acquisition in Sea Star Capital Plc, for violating
    laws regarding insider dealing, confidential information and market manipulation.
  • Imposed on Ioannis, Amalia Vardinoyianis, Christodoulos Ellinas, Philippos Larkos.


  • Possessing confidential information re: change in company activities re: shipping.
  • Ioannis Vardinoyannis purchased 19,358,487 shares through Amalia Vardinoyianis.
  • Three months after purchase, Ioannis sold the shares at profit of almost €6.4mn.
  • CSEC considered Amalia acted as surrogate, acquisition was on behalf of Ioannis.


  • Ioannis Vardinoyannis fined €6,388,300 and Amalia Vardinoyannis fined €50,000.
  • Christodoulos Ellinas, Philippos Larkos each fined €20,000 for provision of false,
    misleading and deceptive information to investigating officers and thus to CSEC.