Philippe Jabre Loses in Battle with FSA over Fine (and Ban??)
Philippe Jabre, a former star trader and portfolio manager for GLG Partners, among Europe's largest hedge-fund managers with about $15.5 billion in assets, has dropped his appeal regarding a record £750,000 fine for market abuse levied by the British Financial Services Authority (“FSA”). As this Times of London article elaborates, this decision effectively means that Mr. Jabre, one of the wealthiest men in Britain, will be deemed as “not a fit and proper person” and effectively barred from trading in London henceforth. Additional information can be found in this Wall Street Journal article. TCM previously wrote about this GLG Partners case here.