Broker cleared of market abuse charges

Shares in stockbrokers Collins Stewart rose 5% yesterday after it was cleared of market abuse.

The firm was told by the Financial Services Authority (FSA) that it was closing its investigation into claims made by former employee James Middleweek.

Collins Stewart lost 15% of its value a year ago after Mr Middleweek sent a dossier to the FSA and the media, claiming the firm had driven up share prices and engaged in insider trading.

Collins Stewart strongly denied the claims and responded by launching legal action against Mr Middleweek and others.

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