Record fine for fraudulent CEO 'not enough', says expert

fraud-clippings

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: