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Profile Media Group Secretary Fined by FSA

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.

By selling his shares, Middlemiss breached the Profile Media Group's own rules requiring senior employees to seek prior approval when dealing the company's shares, in addition to the FSA's market abuse rules.

Andrew Procter, Director of Enforcement at the FSA, says: "We will not tolerate individuals using a position of trust for their own personal financial gain. We have taken action in this case because of the seriousness with which we view such abuses of position. The Market Abuse Code applies to everyone. There should be no doubt that we will pursue those who, on the basis of unpublished information, deal ahead of announcements."

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