The UK Financial Services Authority has imposed a fine and
ban on Sandradee Joseph - the former compliance officer at
Dynamic Decisions Capital Management (DDCM), the London-based
hedge fund that collapsed in early 2009.
Joseph was fined £14,000 and has been banned from
performing any function of significant influence in regulated
financial services businesses.
The FSA found that, following the collapse of Lehman
Brothers in late 2008, the investment strategy adopted by DDCM
resulted in losses totalling around 85% of the fund's total
assets under management. To conceal the losses, a senior
employee entered into a number of contracts on behalf...