The Capital Markets Authority has penalised bond trader Roderick Muhoro Sh208 million for profiting from irregular bond trading. The fine is twice the amount of benefit Muhoro received from the illegal trade. In addition, Muhoro has been banned from conducting bonds trading for a period of 10 years. According to the investigations, Muhoro conspired with brokers to defraud investors in bond transactions undertaken between January 2016 and June 2017 through front running. The gains would later be shared between Muhoro and the fixed income dealers at brokerage firms in contravention of provisions of the Capital Markets Act.

Source: The Star May 15, 2019 07:30 UTC