Philippe Jabre, a star with alternative investment firm, GLG Partners had been awaiting details on the financial penalty associated with the FSA's recent disciplinary action taken against both he and GLG. Surprisingly to some, the FSA's fine against GLG, which was expected to be in the millions, came in at a modest $750,000. The FSA's accusations against Jabre relate to a 2003 bank bond deal. In a February 2006 decision notice the FSA declared that GLG was vicariously liable for not more closely monitoring what Jabre was doing.

Jabre is currently on a leave absence from GLG and recently left his directorship with the firm. While GLG has not expressed an interest in fighting the fine, Jabre has appealed the FSA decision and is keeping mum pending the outcome.

More here.

-- MDT

Labels: Financial Services Authority, Philippw Jabre