Record fine for fraudulent CEO 'not enough', says expert
FSA fine for ex-JC FLowers chief executive 'does not show credible deterrence'
The UK Financial Services Authority (FSA) has ordered Ravi Sinha, the former chief executive of private equity firm JC Flowers UK, to pay a record £2.87 million for carrying out a £1.37 million fraudulent invoicing scheme in 2009.
The payment constitutes disgorgement of the £1.37 million illegal gains and a fine of £1.5 million, the largest ever imposed on an individual by the FSA in a non-market abuse case. But the lack of a criminal prosecution undermines the deterrent effect the FSA is trying
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