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Portfolio manager fined for improper conduct

Johannesburg - A portfolio manager has been fined R750 000 for being engaged in an improper and manipulative trading practice.

The enforcement committee of the Financial Services Board (FSB) has imposed an administrative penalty of R750 000 on Christopher John Murray for contravening the Securities Services Act.

The directorate of market abuse had referred the case against Murray to the enforcement committee.

This was after investigations revealed Murray had engaged in an improper and manipulative trading practice, as stipulated in the act, in respect of the African Dawn Capital share price during September and October 2008.

At the time, Murray was a portfolio manager employed at Watermark Securities.

Watermark was authorised to perform trading and investment services as well as to act as a non-clearing derivatives and products member of the JSE.

The enforcement committee took several mitigating circumstances into account, including that Murray co-operated with the FSB and that he was remorseful for his actions.

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