Stock Market Regulator Admits Defeat In HBOS Case
The Financial Services Authority is rumoured to have wound down the case into alleged market abuse with regards to the sudden and dramatic fall in the price of HBOS shares back in March. Those who may recall the incident will be aware that a number of rumours were circulating the market causing mayhem and confusion among investors. These rumours were later found to be false and the FSA began proceeding to bring alleged market abusers to the courts.
Despite sifting through a mass of emails, phone call and trades over the period in question they have finally decided there is not enough evidence to bring a successful prosecution. The problem now is that after such a public appeal for calm and suggestions that prosecutions were on the way, the FSA is left with a slightly red face.
This is the latest in a concerted effort to try and rid the UK stock market of rogue traders and short sellers, but slowly it seems as though the moves are unraveling. The much heralded attack on the short sellers may well be illegal and there are suggestions that unless more clarification is given, the saga may well move to the court room.
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