Banned hedge fund manager attacks FSA decision
LONDON May 29 (Reuters) - Alberto Micalizzi has attacked the decision by Britain's Financial Services Authority to hand him a record 3 million pound ($4.7 million) fine, calling its investigation "misguided and uneven" and indicative of a lack of credibility.
Italian Micalizzi, the chief executive of London-based Dynamic Decisions Capital Management (DDCM), said the FSA had ignored documents which "prove no wrongdoing" in the collapse of his hedge fund during the credit crisis.
"This is all indicative of the FSA being an organisation desperate to recover from the lack of credibility resulting from their inability to regulate and prevent the large scandals that hit the City at the critical time of the global financial crisis," he said in a statement on Tuesday.
In addition to the fine, the FSA said it had banned Micalizzi after he lied to investors to try and conceal "catastrophic losses" of more than $390 million in the DDCM master fund, in 2008. ($1 = 0.6368 British pounds) (Reporting by Tommy Wilkes)
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