The Financial Services Authority (FSA) has fined a hedge fund manager £2m, its biggest ever fine on an individual, for making fake trades to cover up losses in a fund that collapsed in the credit crisis.
The FSA said Michiel Weiger Visser, the Dutch chief executive of Mercurius Capital Management, "deliberately misled investors". Visser did not appear at the tribunal and is in the Netherlands, which could make it harder to collect the fine.
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