The Investment and Financial analysts’ regulator, Institute of Certified Financial Analysts (ICIFA) has deregistered Mr David Tumaini Maena for a period of 10 years and imposed a financial penalty of Ksh1.1 million fine for professional misconduct during his tenure as a Fixed Income Dealer between January 2016 and June 2017 while trading Treasury Bonds.
In a statement to newsrooms, ICIFA said that Mr Maena, during his tenure, failed to observe and apply professional, technical and ethical standards in the body.
“The Disciplinary Committee of ICIFA has found Mr Maena culpable of professional misconduct in the execution of his duties and responsibilities as a registered Investment and Financial Analyst by failing to observe and apply professional, technical, ethical or other standards prescribed as guidelines for practice by members of the institute,” read the statement.
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Mr Maena is expected to pay the fine within a fortnight and has 60 days to appeal the ruling.
In February this year, the Capital Markets Authority (CMA) fined Mr Maena Ksh166.9 million for engaging in insider trading in Treasury bonds in the said timelines.
Maena is reported to have pocketed over Ksh83.4 million from the irregular trades.
CMA also referred his case to the Assets Recovery Agency (ARA) with recommendation to confiscate assets he may have acquired from the illegal proceeds.
His file has also been handed to the Director of Public Prosecution (DPP), Mr Noordin Haji, to consider opening criminal investigations related to the irregular trades.
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