Whitehead Mann PRO fined by FSA

The Financial Services Authority (FSA) has fined Whitehead Mann Group’s (WMG) former head of comms Peter Bracken £15,000 for market abuse, in a move that completes its actions against him.

Last week, Bracken withdrew an appeal to the FSA’s findings that he had misused unpublished and confidential information about recruitment consultancy WMG’s financial performance for personal profit, allowing FSA to set the fine.

In 2002, Bracken twice used knowledge of impending WMG financial announcements to profit a combined £2,823 through share trades, which contravened both WMG rules and the FSA’s Market Abuse Code. His employment with WMG ceased on 24 January 2003.

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