A decision by the FSA to ban and fine the chief executive and chief financial officer of a hedge fund manager on grounds of deceiving investors has been upheld by the Upper Tribunal.
Michiel Weiger Visser, CEO of Mercurius Capital Management, and Oluwole Modupe Fagbulu, its CFO, have been fined £2m and £100,000 respectively and banned from performing any role in regulated financial services. Mercurius managed the hedge fund Mercurius International Fund which, between July 2006 and January 2008, had attracted some 20 investors and €35m under management. On 11 January 2008, the fund collapsed and was placed in voluntary liquidation, with investors so far recouping none of their investment. The FSA found Visser's investment decisions, which were in breach of the r...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
