The Serious Fraud Office (SFO) is being asked to explain why it dropped a fraud investigation against a hedge fund manager who was later fined £3m by the Financial Services Authority (FSA) for deceiving clients.
The Times reports City-based law firm Eversheds has questioned why the SFO ended its eight-month probe into Alberto Micalizzi, former chief executive of London-based Dynamic Decisions Capital Management (DDCM), in 2010. Micalizzi was yesterday hit with the largest ever fine against an individual for market abuse - £3m - and handed a City ban by the FSA. According to the regulator, between 1 October 2008 and 31 December 2008, the master fund managed by DDCM suffered "catastrophic" losses totaling some $390m, approximately 85% of its value. Micalizzi was then said to have lied to inv...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes