Jabre to appeal against £750,000 FSA fine

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The Independent Online

Philippe Jabre, the former star trader at the hedge fund GLG, is to appeal against a £750,000 fine for market abuse and violating market conduct.

The fine, handed down by the Financial Services Authority last month, is the heaviest imposed by the City regulator on any individual.

Mr Jabre's former firm, one of London's biggest hedge fund managers, was also fined £750,000 after the FSA's Regulatory Decisions Committee found it "vicariously liable" for failure to properly monitor Mr Jabre. It is understood GLG has decided not to appeal.

In a short statement yesterday, Mr Jabre said: "Philippe Jabre can confirm that he today filed a notice of appeal with the Financial Services and Markets Tribunal with regards to the decision notice issued by the Financial Services Authority on 28 February 2006." Mr Jabre and the FSA will now prepare cases, to be heard publicly in court in about nine months.

The RDC fine followed a two-year investigation into whether Mr Jabre traded in the Japanese financial company Sumitomo on inside information properly conveyed to him by John Rustum, with Goldman Sachs at the time.