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26/03/2008
Brokers Investigated Over Shareduggery
The Irish financial regulator has announced an investigation into unusual market behavior in Ireland's economy since St Patrick's Day.
In a statement by The Irish Regulator, evidence of unusual trading patterns has sparked speculation by the authority that false and misleading rumours circulating in the financial markets have been used to damage the value of shares in the Irish economy in order to be re bought at their cheaper price.
Con Horan, Prudential Director of the Financial Regulator said today: "We are working closely with other regulators, including the UK's Financial Services Authority (FSA) in relation to concerns about this type of activity. Market participants who take unfair advantage by spreading false rumours while trading on the basis of those rumours are in breach of market abuse regulations and we will actively pursue those who may be engaged in this."
The Financial Regulator, Patrick Neary, has given stockbrokers one week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
It is understood that Mr Neary told them the trawl is in preparation for a review by his staff. The regulator's office is also believed to have drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is suspected that some brokers have spread negative rumours about companies to drive down stock prices and then make a profit for themselves. The scam works when people borrow shares, spread the rumours and subsequently buying the undervalued stocks.
(DW)
In a statement by The Irish Regulator, evidence of unusual trading patterns has sparked speculation by the authority that false and misleading rumours circulating in the financial markets have been used to damage the value of shares in the Irish economy in order to be re bought at their cheaper price.
Con Horan, Prudential Director of the Financial Regulator said today: "We are working closely with other regulators, including the UK's Financial Services Authority (FSA) in relation to concerns about this type of activity. Market participants who take unfair advantage by spreading false rumours while trading on the basis of those rumours are in breach of market abuse regulations and we will actively pursue those who may be engaged in this."
The Financial Regulator, Patrick Neary, has given stockbrokers one week to scrutinise their dealing records, tape recordings, emails and internal notes on conversations with clients before reporting back to him.
It is understood that Mr Neary told them the trawl is in preparation for a review by his staff. The regulator's office is also believed to have drawn up a list of brokerages and individuals connected with alleged wrongdoing.
It is suspected that some brokers have spread negative rumours about companies to drive down stock prices and then make a profit for themselves. The scam works when people borrow shares, spread the rumours and subsequently buying the undervalued stocks.
(DW)
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