Hedge Fund Boss Banned

Alberto Micalizzi was found to have lied to investors and concealed losses at the hedge fund of $390m (£250m) by creating a bond bought by the fund at a low value and then artificially revalued to create a profit of $400m.

“Alberto Micalizzi’s conduct fell woefully short of the standards that investors should expect and behaviour like his has no place in the financial services industry,” said FSA’s acting director of enforcement and financial crime, Tracey McDermott.

Micalizzi and DDCM will refer the decision to the FSA’s Upper Tribunal in the hope that it will be overturned.

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