An ex-cash equities broker has been suspended from practicing in the fiscal sector and fined more than £250,000 after scrutiny into his working practices by the Financial Services Authority (FSA) revealed he had been acting unscrupulously.
FSA investigations concluded that Fabio Massimo De Biase, who was working at TFS Derivatives, had not acted with integrity within his role between January 2008 and September 2009 as he contravened rules laid down by the regulatory body during this period.
Mr De Biase was found to have been exploiting a term within his contract at TFS - a London-based subsidiary of Compagnie Financiere Tradition, one of the world's largest interdealer broker firms - which allowed him to be paid part of any revenue he gained from commission through securing new business.
The former professional consequently obtained £198,000 in extra payment that he was not entitled to through deals with a hedge fund trader from AKO Capital.
Margaret Cole, managing director of enforcement and crime at the FSA, said: "This sort of behaviour has no place in the financial services industry."
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Posted by Cheryl Bennett