FSA has confirmed the Upper Tribunal has ordered it to fine Michiel Weiger Visser £2 million and Oluwole Modupe Fagbulu £100,000 and ban them both from performing any role in regulated financial services for breaching Principle 1 of the FSA’s Statements of Principle for Approved Persons and for engaging in market abuse. Mr Visser was Chief Executive Officer and Mr Fagbulu Chief Financial Officer and compliance officer of Mercurius Capital Management Limited, which managed a hedge fund that collapsed in early 2008. It had around 20 investors at the relevant times, who have so far received nothing. FSA found that Mr Visser acted outside the restrictions placed on him and that he and Mr Fagbulu deceived investors by hiding the fund’s financial position from investors. It found Mr Visser deliberately breached restrictions and engaged in market abuse, while Mr Fagbulu deliberately made or approved misleading communications. The Tribunal said Mr Visser’s conduct was among the worst it had seen, but Mr Visser is applying to have the judgment set aside. (Source: Decision of the Upper Tribunal - Visser and Fagbulu v FSA and Press Release)