The UK’s upper tribunal has upheld a Financial
Services Authority (FSA) decision to fine former UBS advisers
Sachin Karpe and Laila Karan and ban them from performing any
regulated financial services role.
The tribunal handed Karpe a £1.25m ($1.97m)
fine and agreed that he misled his juniors, and carried out
substantial unauthorised trading, predominantly in FX instruments
while he was head of UBS’s Asia II desk head.
Go deeper with GlobalData
He made unauthorised transfers and loans
between client accounts concealing losses which resulted in
substantial losses for 21 customers between 2006 and 2007, the
tribunal said.
Charging Karan, who received a £75,000 fine,
the tribunal stated: “We recognise that Ms Karan had been placed in
an extremely awkward situation through the manipulation of Mr
Karpe. The fact, however, is that over and over again she
chose to go along with and, on occasions, to facilitate Mr Karpe’s
wrongdoing.”
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
