Today the FSA fined Robert Middlemiss, Company Secretary at Profile Media Group, £15,000 for market abuse.
In April 2002, Middlemiss became aware that Profile Media Group’s revenues were likely to be significantly below expectations so before this news was released to the market, he sold some of his own shareholding in the company to avoid making a loss. Following the announcement, the share price dropped from 14.5p to 4.75p so by selling 70,000 Profile Media Group shares when he did, Middlemiss avoided a loss of £6, 825.
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