July 30, 2014 / 11:36 AM / in 3 years

BRIEF-Upper Tribunal upholds UK regulator's decision to ban former hedge fund CEO

July 30 (Reuters) - Financial Conduct Authority (FCA):

* Tribunal upholds FCA decision to fine and ban former hedge fund CEO Alberto Micalizzi

* Micalizzi sought to conceal these losses from investors by deliberately misrepresenting fund’s value

* Tribunal directed FCA to impose a penalty on Micalizzi of 2.7 million pounds (reduced from 3 million pounds) and a full prohibition

* Upper tribunal dismisses Micalizzi’s appeal, upholding FCA decision that Micalizzi failed to act with integrity in his role at dynamic decisions, a now defunct hedge fund

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