Hedge fund manager fined £3m

Stat of the day: £3m. That's how much the City regulator, the FSA, is seeking to fine the manage of a $550m hedge fund, as well as a lifetime ban, after allegations he lied to investors and lost hundreds of millions of dollars in just a few months.

by Michael Northcott
Last Updated: 09 Oct 2013

The chief of Dynamic Decisions Capital Management, Alberto Micalizzi, took the fund from being worth $550m on paper in December 2008, to just $10m in assets by the time it entered liquidation in May 2009, according to the FSA. That’s about 85% of its value in just five months. Ouch.

The fund’s collapse had been under investigation by the Serious Fraud Office, but it dropped the case after finding insufficient evidence to bring any charge. 

A messy six months for Micalizzi…

Find this article useful?

Get more great articles like this in your inbox every lunchtime