The Financial Services Authority (FSA) has fined a former Merrill Lynch International corporate broker £350,000 for disclosing inside information ahead of a £375m equity fundraising by Punch Taverns. Andrew Osborne, ex-managing director in corporate broking at Merrill Lynch, acted on behalf of Punch and approached major shareholder Greenlight Capital. In June 2009, Osborne held a conference call between Punch management and David Einhorn, president of Greenlight, during which he disclosed inside information that the pub group was at an advanced stage of the process towards a significant equity fundraising. As an approved person Osborne had a duty not to disclose inside information and to consider the risk of market abuse. The FSA says he failed in both these duties and engaged in market abuse by improperly disclosing inside information to Greenlight. Last month, Greenlight, US hedge fund, and its owner Einhorn were fined a total of £7.2m, for trading Punch shares on the basis of inside information by the FSA. According to the FSA, Einhorn ordered Greenlight Capital to sell its shares in Punch in 2009 after being told by a broker acting for the pub company that it intended to raise £375m from the market in a rights issue. On the back of the announcement, Punch’s shares fell by almost 30%, however by then Greenlight had already sold some 11.6 million shares, reducing its stake from 13.3% to 8.9% and had avoided £5.8m in losses. The FSA fined Einhorn £3.63m while Greenlight was fined £3.65m.