{"id":4712,"date":"2006-07-12T00:00:00","date_gmt":"2006-07-12T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"fsa-seeks-to-ban-hedge-fund-trader-for-life","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/07\/2006\/fsa-seeks-to-ban-hedge-fund-trader-for-life.html","title":{"rendered":"FSA Seeks to Ban Hedge Fund Trader for Life"},"content":{"rendered":"<div class=\"writeboardbody\">  WEST PALM BEACH, FL (HEDGECO.NET) &#8211; Philippe Jabre is appealing to the Financial Services and Markets Tribunal to challenge The Financial Services Authority and its right to call for a ban from  trading in the City and a \u00c3\u201a\u00c2\u00a3750,000 fine for alleged market abuse.  <\/p>\n<p>    The fine was the heaviest ever put on an individual by the <span class=\"caps\">FSA<\/span>, refering to Mr Jabre\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s trading in the Japanese company Sumitomo Mitsui Financial Group three years ago.    He took a series of positions in the shares shortly after allegedly being made privy to inside information about Sumitomo by a salesman at Goldman Sachs, the investment bank.  <\/p>\n<p>    Mr Jabre\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s lawyer submitted that because the trades took place on the Tokyo, rather than London, stock exchange, the <span class=\"caps\">FSA<\/span> had no powers to punish his client.  <\/p>\n<p>    In its submission, the <span class=\"caps\">FSA<\/span> called on the three-man tribunal, led by Stephen Oliver QC, to conclude \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cthat Mr Jabre is not a fit and proper person to perform functions in    relation to a regulated activity\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d.  <\/p>\n<p>    Last month, the <span class=\"caps\">FSA<\/span>\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s chief disciplinarian, Tim Herrington, issued a stark warning to financial fraudsters and rule breakers that he would not be afraid to \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cremove the    livelihoods\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d of anyone who threatened the stability of financial markets.  <\/p>\n<p>    Mr Jabre has set up a new hedge fund to manage his sizeable personal wealth, estimated to be about \u00c3\u201a\u00c2\u00a3200m.  <\/p>\n<p>    Alex Akesson<br \/>    Contributing Writer<br \/>    HedgeCo.Net<br \/>    Email: Editor@hedgeco.net  <\/p>\n<p>    HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge    Funds!  <\/p>\n<p>    <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=\"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong>    and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a>  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>WEST PALM BEACH, FL (HEDGECO.NET) &#8211; Philippe Jabre is appealing to the Financial Services and Markets Tribunal to challenge The Financial Services Authority and its right to call for a ban from trading in the City and a \u00c3\u201a\u00c2\u00a3750,000 fine [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4712","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4712"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4712\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}