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British star banker Hannam loses appeal against market abuse fine
May 28, 2014 / 2:10 PM / 4 years ago

British star banker Hannam loses appeal against market abuse fine

LONDON, May 28 (Reuters) - Former JPMorgan dealmaker Ian Hannam has lost his appeal against a 450,000 pound ($756,100) fine for market abuse, a London tribunal said on Wednesday.

“His actions were not in the proper course of the exercise of his employment,” the Upper Tribunal said in its judgment.

The Financial Services Authority, which became Financial Conduct Authority April 2013, accused Hannam of sending two emails in 2008 that contained “inside”, or potentially market-moving, information relating to a potential takeover and possible oil discovery.

He appealed the decision last July, saying he was acting appropriately in his role as a financial adviser.

Hannam could yet appeal this latest decision. ($1 = 0.5952 British Pounds) (Reporting by Clare Hutchison, editing by Kirstin Ridley)

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