Sachin Karpe and Laila Karan will have to pay £1.25m ($1.95m) and £75,000 respectively and have been banned from performing any regulated financial services role.
The final notice comes after their attempt to overturn the FSA’s initial ruling was dismissed by the UK’s Upper Tribunal in May.
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Karpe, the former head of the Asia II desk, and Karan, a former client adviser on the same desk, worked at UBS’s wealth management international business in London.
The pair made unauthorised transfers and loans between client accounts concealing losses which resulted in substantial losses for 21 customers.
Karpe led the misconduct while Karan, his subordinate, helped him facilitate the trades.
UBS has paid $42m compensation to its affected customers. In November 2009, the FSA fined UBS £8m for "management failures" in connection with Karpe and Karan’s misconduct.
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By GlobalData
Source: Private Banker International
