Insider Business SEC fines Ioannis Vardinoyiannis €6.38m

SEC fines Ioannis Vardinoyiannis €6.38m

The Securities and Exchange Commission has imposed a massive €6.388.301 administrative fine on Ioannis Vardinoyianis. It also fined Amalia Vardinoyiannis €50,000, and Christodoulos Ellinas and Philippos Larkos €20,000 each.

It follows an SEC probe into the acquisition by Amalia Vardinoyiannis of 19.358 million shares of Sea Star Capital (then Megabet) on March 29, 2007 and whether this was in violation of  the law on insider trading and market manipulation.

It said that Ioannis Vardinoyiannis, while holder of confidential information — that the company would change its activities to shipping — had acquired the 19.358 million shares through Amalia Vardinoyianis. She was ruled to have acted as a surrogate and the acquisition of the shares was on his account.

The SEC said that Ioannis Vardinoyiannis had benefited from the share acquisition to the tune of €6.388.301.

Top Stories

127 new cases of COVID-19 on Wednesday

The Health Ministry announced 127 new COVID-19 cases on 21 October, out of 3,309 laboratory tests, taking confirmed infections to 2, 966. The break-down of...

Non-reversible damage to the sight of five patients operated for cataract

The damage to the sight of five out of the eight patients who were operated for cataract and presented serious complications due to infection...

Committee to prepare list of animals for pet shops; reactions

For the first time in Cyprus a list will be prepared with the animals that can be sold in pet shops, however, the issue...

Medical Association on Cyprus’ epidemiological situation

The Cyprus Medical Association is once again asking the public and businesses to make sure not to violate any protocols and to dutifully respect...

15-year-old missing since 20 October (PHOTO)

Police are looking for 15-year-old Antzel Ioannou, who has been reported missing from her place of residence in Nicosia since yesterday, 20 October. Ioannou is...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...