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Announcement: the FMA imposes a sanction against a private person for infringements against the Stock Exchange Act (BörseG; Börsegesetz)

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The Austrian Financial Market Authority (FMA) hereby announces that it has imposed a fine of EUR 26 000 in total against a private person for infringements against the provisions regarding market manipulation pursuant to Article 48a para. 1 no. 2 lit. a of the old version of the Stock Exchange Act (BörseG; Börsegesetz).

The intention of the defendant was to push the price up and keep the price high of a share traded over-the-counter on the Hamburg Stock Exchange (Hanseatische Wertpapierbörse Hamburg), i.e. to influence the price of the shares in such a way that an abnormal or artificial price level was achieved. In this specific case this was to a large extent managed by fictitious transactions between a company that the defendant is the sole owner of as well as being its managing director and him as a private person using accounts held at Austrian credit institutions.

The penal order is not final.

Update: 17.07.2017

An appeal was lodged with the Federal Administrative Court (Bundesverwaltungsgericht).

Update: 10.08.2017

The fine was reduced in a preliminary appeal decision to €12,000 in total due to a repentant admittance of guilt and reduced earning capacity. The preliminary appeal decision is not final.

Update: 11.09.2017

The preliminary appeal decision is final.

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