The regulator said that Rahul Shah deliberately encouraged another person to purchase shares in Vyke Communications while he had inside information about the company, resulting in a prohibition order but not a financial penalty.
Shah had a contract in place which meant he would receive 40% of any profit from the purchase of Vyke shares, and the FCA said the market abuse was “deliberate”, but that Shah had avoided a £125,000 fine because of his financial position.