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SEC fines Ioannis Vardinoyiannis €6.38m

July 25, 2018 at 12:26pm
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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.