The Financial Services Authority has fined hedge fund boss Alberto Micalizzi £3m and banned him from performing any role in regulated financial services, after he lied to investors in his now defunct fund.
Micalizzi's was previously CEO and director of Dynamic Decisions Capital Management Ltd (DDCM), a hedge fund management company based in London. A decision notice for Micalizzi says that, between 1 October 2008 and 31 December 2008, the master fund managed by DDCM suffered "catastrophic" losses of over $390m, approximately 85% of its value. The FSA said Micalizzi then lied to investors about the true position of the fund to conceal the losses. The FSA said he then purchased a bond which was not a genuine financial instrument, in an attempt to create artifical gains for the fund. ...
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