On February 16, 2012 Financial Services Authority (FSA) fined Andrew Osborne, former Managing Director in Corporate Broking at Merrill Lynch International (now Bank of America Merrill Lynch International) £350,000, for engaging in market abuse by improperly disclosing inside information ahead of a significant equity fundraising by Punch Taverns Plc (Punch) in June 2009. Osborne acted on behalf of Punch and approached Greenlight Capital Inc (Greenlight), a major shareholder at the time. Greenlight refused to be wall-crossed1 yet on 9 June 2009, Osborne proceeded with a conference call between Punch management and David Einhorn, President of Greenlight.

The original article can be found at Financial Services Authority.