Einhorn: $11.3 million U.K. market abuse fine is “unjust and inconsistent”

By Lawrence Delevingne

Wed Jan 25, 2012

FSA says the Greenlight founder should have known better about trading in Punch Taverns stock.

The U.K. Financial Services Authority said today it had fined David Einhorn and his Greenlight Capital about £7.28 million, or $11.35 million, for "engaging in market abuse in relation to an anticipated significant equity fundraising" by British bar owner Punch Taverns in June 2009.The FSA noted that Einhorn’s dumping of 11,656,000 Punch shares before the price fell nearly 30%—based on a conference call with a Punch...

ISSN: 2151-1845 / CDC10004H

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