Swindon Town owner Clem Morfuni has been fined by the EFL over his failure to disclose the transfer of shares in the club.

The independent disciplinary committee have decided to fine Morfuni £10,000 for the breach of EFL regulations, but no direct punishment has been given against the club.

Town and owner Clem Morfuni were charged in December for a failure to disclose that a "significant interest" in the club had been transferred.

Hollie Kiely of Swinton Reds 20 Ltd. was transferred a 17.1% voting right shareholding in the club in September 2022, but this was not disclosed until its publication at Companies House in August 2023.

Charges were not been issued over a 5% shareholding as it does not meet the 10% threshold for a "significant interest" in EFL regulations.

A statement from the EFL said: "An independent Disciplinary Commission (IDC) has fined Swindon Town owner Clemente Morfuni £10,000 for failing to declare a transfer of shares in the Club, as required by EFL Regulations.

"Mr Morfuni had been charged on 7 December 2023 for failing to disclose to the Club’s management the transfer of a 17.1% shareholding to Mrs Hollie Kiely in September 2022. 

"This led to the Club breaching its requirements to disclose to the League details of any ‘Significant Interest’ shareholder with more than 10% of voting rights and failing to update the official club website for public record.

"The Club and Mr. Morfuni admitted the charges, with the latter taking full responsibility for the breach. 

"While the independent Disciplinary Commission acknowledged Swindon Town suffered an ‘inadvertent breach’ after Mr Morfuni’s administration error, the Club was issued with a reprimand and warning as to its future conduct."

After the initial news broke in August, it was claimed at a fans’ forum event by then-CEO Rob Angus that the documents on Companies House were a “mistake”.  Morfuni later clarified that he had been forced to transfer the shares in the club 11 months earlier to secure the funds necessary to prevent the club from being put into administration.

The shares were transferred as security against a loan of £2.9 million to cover a debenture that was being called in by former owner Lee Power and Andy Curran.

Upon this being revealed, Morfuni said in a statement on the club website that not disclosing the change in shareholding was a "mistake" and he apologised to all supporters.