Estonia's Financial Supervision Authority (Finantsinspektsioon) concluded that Meelis Roosaar engaged in market manipulation when trading Nordecon AS and Hepsor AS shares on the Nasdaq Tallinn regulated market between 13 November 2023 and 22 March 2024, and imposed a EUR 4,000 fine. The authority found that Roosaar repeatedly placed identical large orders within short timeframes, materially increasing the number of transactions and misleading other market participants about supply and demand. It also identified systematic placement of small buy orders with limit prices above preceding transaction prices that raised the securities’ prices, giving or likely giving false or misleading signals on supply, demand and price. Finantsinspektsioon noted it had previously issued two warnings to Roosaar for market manipulation, and referenced the EU Market Abuse Regulation’s prohibition of market manipulation and attempted market manipulation. Roosaar may challenge the decision as permitted by law.
Finantsinspektsioon 2025-03-25
Estonia's Financial Supervision Authority fines Meelis Roosaar EUR 4,000 for market manipulation in Nordecon and Hepsor shares
Estonia's Financial Supervision Authority fined Meelis Roosaar EUR 4,000 for market manipulation involving Nordecon AS and Hepsor AS shares on Nasdaq Tallinn. Roosaar placed large orders to mislead participants and small buy orders to artificially raise prices, violating the EU Market Abuse Regulation. He had previously received two warnings for similar conduct and may challenge the decision legally.