FSA wins battle to fine former UBS advisers £1.3m

Sachin Karpe, a former desk head of the firm's Asia II desk, has been fined £1.25m carried out substantial unauthorised trading, predominantly in FX instruments, with a gross value of billions of pounds across 39 customer accounts between January 2006 to January 2008. The scheme resulted in substantial losses for 21 customers, although UBS has since paid compensation to the affected customers in excess of $42m. Karpe had also established an investment structure to enable a major Indian customer to breach Indian law in clear contravention of UBS guidelines, and also misled UBS and seni...