Close loses appeal over Winterflood
11 April 2012
Close Brothers disclosed today that it has lost an appeal against a £4 million fine by the Financial Services Authority.
Its market-making subsidiary Winterflood Securities was punished for dubious dealings on the AIM in 2004.
The FSA said Winterflood failed to ask sufficient questions about trades in Fundamental E Investments it executed. Close appealed to the Financial Services and Markets Tribunal.
