The FSA has banned a former employee of a London based fund manager, and fined him £140,000. The FSA has made no criticism of the firm. The FSA found that the employee deceived investors by pasting different figures onto seven original broker quotes used in the valuation process of assets in the funds he managed, and deliberately altered quotes. This led to an uplift in the independent valuation of the funds and resulted in investors being financially disadvantaged. The employee also provided misleading information to the FSA about his conduct during its investigation.