The UK’s Financial Services Authority is
seeking to impose a fine of £3 million on Alberto
Micalizzi, the founder and CEO of defunct quantitative hedge
fund outfit Dynamic Decisions Capital Management, and to ban
him for life from performing any role within regulated
The FSA took the decision to impose the ban and fine after
determining that Micalizzi lied to investors in order to
conceal significant losses in his firm’s master
The £3 million fine is the largest the regulator has
sought to impose for an individual in a non-market abuse case.
The FSA has also decided to cancel permission for DDCM to
conduct regulated business, deeming it not fit and proper
because it failed to ensure that its business was conducted
soundly and prudently, and in compliance with proper
During the fourth quarter of 2008, the DDCM fund suffered
losses of $390 million,...