Hedge fund manager David Einhorn's reaction yesterday to his conviction for insider trading was to point the finger of blame at the Financial Services Authority. But as an experienced investor, Einhorn must shoulder some personal responsibility.

The case centred around the trading of Punch Taverns securities in June 2009. According to the FSA's final notice, on Monday June 9, the broker - known to be Bank of America Merrill Lynch - raised with Greenlight the subject of a possible equity issuance by Punch Taverns, and invited Greenlight to be wall crossed in relation to the deal.