Trader fined £7.2m over Punch deal

The City watchdog has fined a prominent US trader and his hedge fund a total of £7.2 million for selling Punch Taverns shares after receiving insider information.

David Einhorn ordered his fund 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 £375 million from the market in a rights issue.