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.
Allegations
- 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.
Fines
- 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.
