Journalist and Sharehoder in Investor.bg Charged With Market Manipulation

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The Financial Supervision Commission has imposed a sanction for market manipulation on Marian Yordanov, journalist and shareholder in investor.bg.

The minimum fine in this case is 20,000 leva.

During the period January 3 - March 8, 2007 Marian Yordanov made a number of deals with the shares of investor.bg on the Bulgarian Stock Exchange. The deals are between him, represented by an investment intermediary and his company Marian TR Ltd, the Commission reported.

This means that in the 7 transactions involving a total of 15 860 shares the buyer and the seller have been in fact one and the same person, which is interpreted as market manilpulation by art.3 of the appendix on art.27 of the Law against financial instrument misuse.

The deals made between Marian Yordanov and his own company were the highest volumes deals with this company's stock and on two occasions have been the only deals with the stock. This means that they have been defining for the calculation of the average-weight price for the day and the opening price of the stock for the following day according to the rules of the bourse.

The decision of the Commission may be appealed with the District Court of Sofia.

Marian Yordanov refused any comment.

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