District Court Clarifies €500,000 Fine for Stock Manipulation
Tallinn District Court today handed a 500,000-euro fine to businessman Toomas Tool for stock manipulation.
Hearing an appeal in May, the Supreme Court upheld the district court ruling, but ordered that clarification be provided regarding the size of the penalty, reported uudised.err.ee.
The Prosecutor's Office, which made the calculations, said that last year Tool owned 34 million euros worth of stock and 24.5 million euros of real estate.
Taking into consideration Tool's assets and personal situation, the court put his standard of living at 2,000 euros per day and fined him 250 daily units.
According to the indictment, Tool, who owned a third of Arco Vara's stocks, had in 2008 dumped hundreds of thousands of shares in just a week, driving down the share price to low levels. At the same time, Tool continued to increase his stake in the company by buying stocks back. An investigation was initiated in 2009 by the Financial Supervision Authority.
Tool has 30 days to appeal the ruling.