On September 27, the UK Financial Services Authority (FSA) published its final notice previously issued to Fabio Massimo De Biase fining him a total of £252,239 (approximately $398,800).

Mr. De Biase’s former employers TFS Derivatives Ltd carried out cash equities trades on an execution-only basis for AKO Capital LLP. Mr. De Biase agreed with hedge fund trader Anjam Ahmad to increase the commission rate and split the income received.

As a result, AKO was overcharged by $739,000. The FSA found Mr. De Biase in breach of Principle 1 of the FSA’s Statements of Principles and Code of Practice for Approved Persons.

The fine consists of the £198,000 (approximately $313,260) increased income earned by Mr. De Biase and a penalty of £54,239 (approximately $85,800). The initial fine was reduced by 30% to reflect the early settlement.

The final notice issued to Mr. De Biase can be found here.
The final notice issued to Mr. Ahmad can be found here.