November 17, 2009 / 11:46 AM / 10 years ago

CORRECTED - UK stockbroker fined 24,000 stg over market abuse

(Corrects figure in headline)

LONDON, Nov 17 (Reuters) - Britain’s financial regulator fined a stockbroker 24,000 pounds ($40,280) for using inside information on a UK-listed company to encourage clients to buy shares in the hope of boosting his bonus package.

The Financial Services Authority said on Tuesday Alexei Krilov-Harrison received inside information about a contract signed by AIM-listed medical group Provexis NTR.L and proceeded to call his clients at former employer Pacific Continental Securities to warn of an imminent share price jump.

The contract was announced two days later and Provexis shares rose almost 20 percent on the day.

“The FSA found that Krilov-Harrison’s actions had been deliberate and been motivated by his desire to get a bonus,” the regulator said.

The FSA said that in deciding the fine, it took into account a “poor regulatory and compliance culture” at Pacific Continental, which is in liquidation. (Reporting by Clara Ferreira-Marques; Editing by David Holmes) ($1=.5958 Pound)

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