Credit Suisse exec fined for confidentiality error

UK agency fines Credit Suisse executive $330,000 for breaching confidentiality

Associated Press

LONDON (AP) -- Britain's financial regulator has fined a Credit Suisse executive 210,000 pounds ($330,000) for disclosing confidential information ahead of a bond sale.

The Financial Services Authority said Tuesday that Nicholas Kyprios, head of European Credit Sales at Credit Suisse in London, improperly gave information to a fund trader.

Credit Suisse acted for Liberty Global, Inc. in 2009 when it raised euro2.5 billion through a bond issue as part of its takeover of UnityMedia GmbH.

The agency says Kyprios did not set out to disclose confidential information, but engaged in a guessing game with the trader, dropping clues such as "getting warm." In this way, he disclosed when the bond issue would be announced, the potential rating and other details.

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