Fund manager Stefan Chaligne 'tried to ramp price of shares in his fund', tribunal hears Another email from Mr Sejean to Mr Diallo read: "The goal is to make the stocks as high as possible on closure." The purchase of shares in companies including Michael Page International was made on December 31, 2007, the year-end for the fund. The FSA estimated trading that day resulted in a 2.9pc uplift in the value of the £70m fund. Another similar instance of alleged market abuse in January 2008 was denied by Mr Sejean, but admitted by Mr Chaligne. Mr Diallo was not involved. By ramping the price of shares held in the fund, Mr Chaligne saw a significant boost to his 20pc performance fee. He was also able to recover some of the losses he had made that year. As well as being the manager of the fund, Mr Chaligne was a 24pc direct and indirect beneficiary. It is alleged that both Mr Sejean and Mr Diallo falsified elements of the witness statements to the FSA before admitting, at least in part, to the market abuse. However, the principal beneficiary was Mr Chaligne, a man described by the FSA as "lacking integrity, the touchstone for fitness and propriety in this case, as well as honesty." They have called for him, along with the two former Cantor Fitzgerald men, to be banned from trading. The watchdog has called for fines of £1.25m for Mr Chaligne, £600,000 for Mr Sejean. Due to severe financial hardship the FSA decided not impose a £100,000 fine on Mr Diallo, but limit his punishment to a prohibition order on working in financial services. The FSA described his behaviour as "serious, deliberate and dishonest."