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Corporate fraud gets £140,000

Published on 3 Feb 2010 under category: legal

A London-based hedge fund manager was banned and fined by the Financial Services Authority (FSA) for deceiving investors and misleading investigators.

Simon Treacher, a senior fund manager formerly of BlueBay Asset Manangement plc, inflated the independent valuation of funds he managed by £27 million over three months.

From August to October 2008, he cut out and pasted different figures onto seven original broker quotes used in the valuation of his assets.

Bluebay has now compensated its clients, who were financially disadvantaged by approximately $650,000.

During the subsequent investigation into the fraud, Mr Treacher gave misleading information to the FSA regarding his conduct.

Margaret Cole, FSA's director of enforcement and financial crime, said: "Our actions in banning Simon Treacher and imposing a significant fine will send a powerful message of deterrence to others who might be tempted to behave in this way.

"His conduct, both in mismarking the funds and his dealings with us as the regulator, lacked integrity."

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