Micalizzi was the CEO and a director of Dynamic Decisions Capital Management (DDCM), a hedge fund management company based in London.
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Additionally, FSA will be canceling the permission of DDCM to conduct regulated business as it believes that DDCM is failing to satisfy the threshold conditions and is not fit and proper.
This is due to DDCM’s inability to ensure that its business was conducted soundly and prudently and in compliance with proper standards.
Presently, Micalizzi and DDCM have referred the matter to the Upper Tribunal where they and the FSA will each present their case.
The Tribunal will then determine the appropriate action for the FSA to take. The decision of the tribunal will be made public on its website and it may uphold, vary or cancel the FSA’s decision.
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By GlobalDataTracey McDermott, the FSA’s acting director of enforcement and financial crime, said, "Those managing investments are in positions of trust and significant responsibility. Although investing in hedge funds can carry greater risk than many other asset classes, investors in funds controlled by regulated hedge fund managers are entitled to be treated with exactly the same honesty and integrity as other firms."
"Alberto Micalizzi’s conduct fell woefully short of the standards that investors should expect and behaviour like his has no place in the financial services industry and we are committed to tackling it wherever we find it," he further added.
