A Tallinn District Court decision to hand businessman Toomas Tool a 500,000-euro fine for stock manipulation has been finalized, as the Supreme Court refused to hear the appeal.
According to the ruling, 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.
The Supreme Court had already ruled in May 2013 that Tool did manipulate share prices, but asked for the Tallinn District Court to clarify the size of the fine.
The Prosecutor's Office, which made the calculations, said Tool owned 34 million euros' worth of stock and 24.5 million euros in real estate in 2012.
Taking into consideration Tool's assets and personal situation, the court put his standard of living at 2,000 euros per month and fined him 250 daily units.