FSA hits hedge fund with £1.5m fine

GLG Partners in the dock over Sumitomo convertible bond issue

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London-based hedge fund GLG Partners is facing a £1.5 million fine after the UK's Financial Services Authority (FSA) found the firm guilty of market abuse in March. The FSA stipulated that former senior trader Philippe Jabre must pay half of the fine. Both were given until March 28 to appeal against the decision, although newspaper reports as Credit went to press ahead of that deadline suggested an appeal from either party was unlikely.

The decision comes more than two years after the original

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