FSB fines trader R2m

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Johannesburg - The Financial Services Board (FSB) said on Wednesday that it has fined Robert Fourie R2m for contravening the Financial Markets Act (FMA).

The Directorate of Market Abuse had referred a case against Fourie to the Enforcement Committee after investigations revealed he created a deceptive appearance of trading activity and an artificial price.

It relates to a Sunflower futures contract (SUNS contract) from 20 September 2013.

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