Hedge fund boss Alberto Micalizzi has been fined £3m and banned from working in financial services by the Financial Services Authority (FSA).
The penalties are for concealing losses of $390m (£250m) and lying to investors in late 2008.
At the time, Mr Micalizzi was chief executive of Dynamic Decisions Capital Management (DDCM).
Mr Micalizzi and DDCM are referring the decision to the FSA's Upper Tribunal, which may overturn it.
It is the biggest fine imposed by the regulator on an individual not involved in market abuse.
Source & Image : BBC
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