A former investment banker at Jefferies has been fined £37,198 for sharing client information on WhatsApp.
The Financial Conduct Authority (FCA) found Christopher Niehaus revealed confidential information during his time at Jefferies with a personal acquaintance and a friend.
Niehaus shared the identity of the client, details regarding the client mandate and the fees Jefferies would charge for their involvement in the transaction.
The FCA said Niehaus boasted about how he may be able to pay off his mortgage if one of the deals was successful.
He was suspended from Jefferies pending the completion of a disciplinary process but resigned before the process was completed.
The fine would have been £53,140 but Niehaus made full admissions in an early interview with the FCA and was given a 15% reduction to the penalty.