Laura WilesJean-Noel Alba, former deputy CEO of asset manager H2O AM has been fined �1m and banned from the financial services industry for deliberately misleading the FCA.
The firm had failed to carry out proper due diligence on investments between 2015 and 2019. During the FCA’s investigation, Mr Alba provided false and misleading statements and documentation. He also asked junior colleagues to create minutes where formal meetings had occurred, and provided due diligence materials, including investment research, which he claimed were produced at the time, but had in fact been created years after the investments were made.