FSA Cracks Down on Cash Equities Broker for Paying Kickbacks


On September 27, the UK Financial Services Authority (FSA) published its final notice previously issued to Fabio Massimo De Biase fining him a total of £252,239 (approximately $398,800).

Mr. De Biase’s former employers TFS Derivatives Ltd carried out cash equities trades on an execution-only basis for AKO Capital LLP. Mr. De Biase agreed with hedge fund trader Anjam Ahmad to increase the commission rate and split the income received.

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