Newspaper article The Evening Standard (London, England)

Jabre Had Faced [Pounds Sterling]1 Million Fine, Tribunal Told

Newspaper article The Evening Standard (London, England)

Jabre Had Faced [Pounds Sterling]1 Million Fine, Tribunal Told

Article excerpt

Byline: JAMES ROSSITER

THE Financial Services Authority originally wanted to fine former star hedge fund trader Philippe Jabre [pounds sterling]1 million for market abuse and alleged failure to "act with integrity", it emerged today.

At a preliminary hearing for his appeal against a [pounds sterling]750,000 fine, it was disclosed for the first time that the watchdog's Regulatory Decisions Committee (RDC) lowered the punishment as it decided to drop the lack-of-integrity charges.

The FSA also abandoned a call to ban Jabre fromtrading in the City, a request originally put forward by the watchdog's enforcement division - its internal prosecution team - but rejected in February when the RDC finally levied its fine. But since then the FSA has called for him to be banned by the Financial Services and Market Tribunal - a request his lawyer today described as an "abuse of process".

The hearing serves as the first test of authority for the FSA's new head of enforcement, Margaret Cole, who took over last year as part of a root-and-branch shake-up of the regulator after it lost a series of high-profile appeals. …

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