* London tribunal upholds fines, ban on traders
* FSA said traders sought to manipulate prices in 2007, 2008
* Said manipulation disguised performance of hedge fund
LONDON, Sept 28 An independent tribunal has
upheld the top financial watchdog's decision to impose lifelong
bans and fines for market abuse on Swiss-based fund manager
Stefan Chaligne and two former traders at U.S. investment bank
The Financial Services Authority said on Friday the London
tribunal upheld a decision to fine Chaligne 900,000 pounds ($1.5
million) and to impose a 650,000 pound fine on Patrick Sejean, a
former senior salesman at Cantor Fitzgerald's London-based
The tribunal hiked Sejean's fine to 650,000 pounds from
Tidiane Diallo, a former junior trader at the firm, escaped
a fine because the FSA accepted that he was in a position of
serious financial hardship. All three are banned from working in
UK regulated financial services.
The FSA said that in 2007 and 2008, Chaligne, a fund manager
at the Cayman Islands-based Ivorian hedge fund, instructed
Sejean and Diallo to execute orders designed to raise the
closing prices of a total of nine securities traded in Europe
and North America, in order to boost the value of his fund.
Chaligne, a French national, was also forced to repay the
362,950 euros in profits he gained from the manipulation.