The FSA has fined Ravi Shankar Sinha, the former CEO of JC Flowers & Co UK, £2.867m for fraudulently obtaining £1.367m for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme.
The financial penalty consists of £1.367m disgorgement and a punitive element of £1.5m. Sinha is also prohibited from performing any function in relation to any regulated activity in the financial services industry. Between 16 May 2005 and 11 November 2009, Sinha was the chief executive officer of JC Flowers & Co UK Limited (JCFUK). As such he acted as an investment advisor to certain private equity funds (JCF Funds) through a US based private equity firm. The financial crisis led to a very significant deterioration in Sinha's financial position from 2007 onwards. He borrowed heavily ...
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