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Abstract
On 12 January 2012, David Einhorn, an investment manager and part-time poker player, was stung with a £7.2 m fine from the UK Financial Services Authority (FSA) for insider dealing. In addition, the FSA has taken a series of related decisions fining a number of connected persons for their participation in or failure to report what the FSA found to be market abuse. In so doing, the regulator once again sent a clear warning to authorised persons who, even unwittingly, would chance their luck by trading off the back of sensitive information as well as those who would shut their eyes to risks of market abuse.