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 financial services.
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 fund.
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,...