FINWIRE®

Belgian private investor fined £176,254 for market abuse

January 14th, 2009

The FSA has fined Mr 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 financial penalty includes a disgorgement of profit of £127,254 and an additional penalty of £49,000.

On or about 28 January 2007, Richard Ralph asked Filip Boyen to buy shares in Monterrico on his behalf. Mr Ralph was actively involved in these confidential and highly sensitive discussions and by asking Filip Boyen to buy the shares passed on inside information.

Following Richard Ralph’s request, Filip Boyen asked his brother Erik to buy shares on his behalf, thereby passing on inside information.

Erik Boyen was aware that the company was in takeover discussions. He also knew that Richard Ralph worked for Monterrico and had asked his brother to buy shares in the company AND encouraged Margaret Cole, Director of enforcement at the FSA , to deal in Monterrico shares.

Between 29 January and 2 February, Erik Boyen bought £16,450 worth of shares for his brother and £332,295 worth of shares on his own account. He later sold all the shares making a personal profit of £127,254 and gave his brother €35,800 as proceeds for the sale of his own shares.

” The fines given to all three individuals in this case show our determination to take action against everyone involved, when inside information is misused.”, said Margaret Cole, Director of enforcement at the FSA.

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