FSA has banned Loic Albert Antoine Montserret and fined him £35,000. Mr Montserret was portfolio manager for BlueCrest Capital Management Limited. When the trading book he managed fell in value, he thought he would lose his job and mismarked four equity index options. The mismarking valued the options at two to three times their actual amount and carried on for 10 days. He then admitted what he had done. FSA found he had breached Principle 1 of APER.