MILAN May 21 Alberto Micalizzi, a former
university professor and ex-hedge fund manager who was fined 3
million pounds ($5.1 million) in 2012 for concealing massive
losses to investors, has been arrested in Italy, Milan
prosecutors said on Wednesday.
In a statement, prosecutors said they had also issued arrest
warrants for 14 associates of Micalizzi, some of whom are
already in jail. They did not give further details.
A legal source told Reuters Micalizzi was arrested as part
of an investigation into a 600 million euro ($821.73 million)
fraud that has allegedly damaged a range of companies including
gas operator Snam, Pirelli, JP Morgan
, UBI Banca and UBS.
The companies were not immediately available to comment. It
was not possible to reach Micalizzi for comment.
Micalizzi was the chief executive of the collapsed
London-based Dynamic Decisions Capital Management fund. The
fund, which had mainly invested in highly illiquid bonds, was
liquidated after racking up losses amounting to more than 85
percent of its value.
Britain's Financial Services Authority (FSA) banned him in
May 2012, saying he was not "fit and proper" to perform any role
in regulated financial services.
($1 = 0.5935 British Pounds)
($1 = 0.7302 Euros)
(Reporting by Manuela D'Alessandro; additional reporting by
Milan bureau; writing by Lisa Jucca; editing by Tom Pfeiffer)