CySEC imposes fines on Tsokkos

The Cyprus Securities and Exchange Commission (CySEC) imposed penalties on Andreas Tsokkos, Miranda Papageorgiou, and Stephanos Themistocleous for breach of laws regarding market manipulation and insider trading on the titles of A. Tsokkos Hotels (TSH).

Specifically, the CySEC imposed total penalties and fines amounting to EUR 250.000 on Andreas Tsokkos (Executive President of TSH) for breaching his duty regarding market manipulation and use of inside information.

According to the announcement Tsokkos is accused of being involved in transactions that provided misleading indications regarding bid/ask volume or bid/ask price of TSH stock, for not disclosing his transactions which as Chairman of TSH’s BoD is obliged to do, trading TSH stocks during closed period and using inside information and trading TSH stock when he was negotiating for potentially selling part of his stake in TSH to an institutional investor.
Mrs. Miranda Papageorgiou and Stephanos Themistocleous were fined a penalty of EUR75.000 each for knowingly assisting Andreas Tsokkos in the aforementioned breaches of the securities laws.