Claim No: HC11CO2409 IN THE HIGH COURT OF JUSTICE (CHANCERY DIVISION). IN THE MATTER OF THE FINANCIAL SERVICES AND MARKETS ACT 2000. BETWEEN: THE FINANCIAL SERVICES AUTHORITY (a company limited by guarantee) (Claimant) -and- (1) DA VINCI INVEST LIMITED (2) DA VINCI INVEST PTE LIMITED (3) MINEWORLD LIMITED (4) SZABOLCS BANYA (5) GYORGY SZABOLCS BRAD (6) TAMAS PORNYE (Defendants)
Acting for a Seychelles company and three individuals being pursued in the High Court of Justice, Chancery Division for civil penalties following alleged market abuse by manipulating trading, known as “layering”, in relation to Contracts for Difference. The case involves high frequency computer-based algorithm trading strategies. Tracey McDermott, the FSA’s acting director of enforcement and finance has stated in relation to the case “the FSA will take swift and decisive action to protect the integrity of UK markets, wherever those seeking to abuse them are based. These companies engaged in repeated cross-platform market manipulation, which the FSA will not tolerate.” The trial of the action is listed for June 2013.