South Africa: FSB Fines Executive for Insider Trading

fsblogothumbIn Johannesburg, South Africa today, the enforcement committee of the Financial Services Board imposed a penalty of R150,000 (approximately US$20,000) on Marius Meyer. Meyer was found guilty of violating section 73 of the Securities Services Act 36 of 2004 (insider trading).

Fin24 reports that Meyer is a director and executive of advising firm Exchange Sponsors.  The case reportedly related to transactions in Wescoal Holdings executed on behalf of Meyer.  Exchange Sponsors is the designated adviser to Wescoal.

Read the article.