FSA has fined Fabio Massimo De Biase, a former cash equities broker, £252,239 for acting without integrity and has banned him. Part of Mr De Biase's pay was a proportion of the commission revenue he generated from winning broking business. For nearly two years, he paid kickbacks to a hedge fund trader and got broking business in return. On 20 occasions De Biase and the hedge fund trader (Ahmad) agreed to charge a higher amount of commission with the intention of increasing the amount of money available to them to split. De Biase retained the £198,000 commission. FSA ordered him to disgorge this sum as well as paying a fine (which would have been £500,000 were it not for De Biase's financial circumstances). Margaret Cole said this sort of behaviour has no place in the financial services industry and that the fine and the ban should serve as a reminder that such behaviour is woefully short of that expected of approved persons and will not be tolerated. In June, Mr Ahmad was required to disgorge ans profits. Separately, Ahmad was sentenced to 10 months' imprisonment, suspended for two years, 300 hours of unpaid work in the community and was also fined £50,000 for insider dealing. (Source: FSA/PN/149/2010 and Final Notice)