FSA Fines and Bans Hedge Fund Manager's Compliance Officer


The FSA has published the final notice it has issued to Dr. Sandradee Joseph, the former compliance officer of hedge fund manager Dynamic Decisions Capital Management Ltd (Dynamic) (a hedge fund management company).

Dr. Joseph was fined £14,000 (approximately $22,000) and banned indefinitely from performing any significant influence controlled function (including but not limited to the compliance oversight function) for failure to comply with Principle 6 of the FSA's Statement of Principle for Approved Persons (APER).

In late 2008, a senior employee of Dynamic entered into a number of transactions for the purchase and resale of a bond which was a fraudulent instrument. These transactions were designed to conceal significant losses suffered by funds managed by Dynamic in the fourth quarter of 2008.

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Published In: Business Torts Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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