The Capital Markets Authority (CMA) has fined Nairobi businessman Mr. Rodrick Muhoro KSh 208 Million and banned him from the industry for 10 years following the conclusion of investigations with respect to the allegation of irregular trading of Government Securities in 2016 and 2017.
“The authority has imposed a financial penalty of Kshs 208 Million being twice the amount of benefit Mr. Muhoro received from irregular trading and banned him from conducting bonds trading for a period of 10 years,” CMA announced in a statement.
The Authority will refer the matter to the Director of Public Prosecution for consideration of criminal investigations on market manipulation; the Asset Recovery Agency to trace and recover assets allegedly bought with illegal capital gains; and the Institute of Certified Public Accountants of Kenya for consideration of disciplinary action for professional misconduct.
