USA: Ex-Ceo banned, fined over fraudulent invoicing scheme
Posted by nileshkokane on 8 February, 2012
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This item was filled under [ Financial Regulators, USA ]
On January 31, 2012 Financial Services Authority (FSA) fined Ravi Shankar Sinha £2.867 million for fraudulently obtaining £1.367 million for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme. The financial penalty consists of £1.367 million disgorgement and a punitive element of £1.5 million. Sinha is also prohibited from performing any function in relation to any regulated activity in the financial services industry.
The original article can be found at Financial Services Authority .
