Blame for Arch cru fund pricing errors, a fatal flaw at the heart of one of the biggest investment failures in recent years, has finally been laid at the door of the fund's administrator, Bordeaux.
For its part in the Arch cru scandal, the Guernsey Financial Services Commission (GFSC) has fined Bordeaux £150,000, and its directors Peter Radford, Neal Meader and Geoffrey Tostevin, £50,000, £30,000 and £30,000 respectively. All three men have been banned from being partners or directors for five years in Guernsey, with the GFSC branding their behaviour as demonstrating a "consistent and serious lack of appropriate competence, judgement and diligence". The ruling is over six years in the making, as the complex web of what led to the circa £350m failure of Arch cru is slowly unravel...
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