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...
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