Fund Manager CEO and CFO Fined and Banned for Misleading Investors and Market Abuse

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The Upper Tribunal (Tax and Chancery Chamber) has published its decision in Michiel Visser and Oluwole Fagbulu v. FSA.

Michiel Visser and Oluwole Fagbulu were fined respectively £2 million (approximately $3.3 million) and £500,000 (approximately $830,000). The fine on Fagbulu was reduced to £100,000 (approximately $166,000) on the grounds of financial hardship. Visser was CEO and Fagbulu CFO of Mercurius Capital Management Ltd (Mercurius), a UK FSA authorized entity that managed Mercurius International Fund Ltd (the Fund), a Cayman Islands hedge fund. During the relevant period from July 2006 to January 2008, the Fund had about 20 investors who had collectively invested approximately EUR 35 million (approximately $50 million). The Fund was placed in voluntary liquidation on January 11, 2008.

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Published In: Administrative Agency Updates, Business Organization Updates, 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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