The UK’s Financial Services Authority announced yesterday that it has fined Erik Boyen, a Belgium based private investor, £176,254 for dealing in the shares of Monterrico Metals Plc, an AIM-quoted company, on the basis of inside information. The penalty includes a disgorgement of profit of £127,254 and an additional penalty of £49,000, and follows similar fines imposed on Erik Boyen’s brother, Filip Boyen, and on Richard Ralph, the former executive chairman of Monterrico, last year for dealing using inside information.
Margaret Cole, Director of enforcement at the FSA said:
“Erik Boyen used inside information to gain an unfair advantage over other market participants in order to make a substantial profit. Such abuse could damage investors’ confidence in the UK financial markets. The fines given to all three individuals in this case show our determination to take action against everyone involved, when inside information is misused.”
The FSA noted that Erik Boyen settled at an early stage of the investigation and qualified for a 30% discount on the additional penalty element from £70,000 to £49,000. Otherwise, the total fine would have been £197,254.