WSL was unable to meet this client money liability, which ultimately led to WSL’s collapse in 2012.
Mark Steward, FCA director of enforcement and market oversight, said: “Mr Thind and Mr O’Kelly deliberately and repeatedly disseminated false and misleading information relating to a publicly listed company.
“Their actions amounted to serious market abuse, undermining the integrity of our markets and this will not be tolerated.
“It is to Mr Thind’s credit that he, eventually, raised concerns to the WSL Board and that both he and Mr O’Kelly cooperated with our investigation and admitted market abuse.”
O’Kelly and Thind agreed to settle at an early stage of the FCA’s investigation.
