The FCA has fined Alberto Micalizzi, the former CEO of Dynamics Decisions Capital Management Limited, £2.7 million for breaching Principle 1 of the Statements of Principle for Approved Persons and banned him from performing any function in relation to regulated activity.

The FSA, the predecessor to the FCA, had originally imposed such a ban and fined Mr Micalizzi £3 million (in May 2012) for deliberately concealing losses in his fund and providing false and misleading information to investors and to the FSA

On appeal, the Upper Tribunal upheld the decision but directed the FCA to impose a penalty of £2.7 million Mr Micalizzi applied for permission from the Court of Appeal to appeal the Tribunal’s decision, however his application was denied after considering his written submissions.

A copy of the final notice is available. http://bit.ly/18StfgN