HALISTER1: U.K. FCA Partial Ban of Adviser in Goenka Case Upheld by Court

U.K. FCA Partial Ban of Adviser in Goenka Case Upheld by Court

(Bloomberg) -- Tariq Carrimjee, an investment adviser at Somerset Asset Management LLP involved in a high-profile case against a Dubai-based investor, was banned from holding certain roles in the finance industry.
  • A London court upheld the Financial Conduct Authority’s decision to ban Carrimjee from holding any positions involving compliance oversight or reporting money laundering, according to a statement released Friday
  • Carrimjee was an adviser to Rameshkumar Goenka, who was fined $9.6 million in 2011 for manipulating securities prices on the London Stock Exchange -- the largest-ever penalty imposed on an individual by the regulator at that time
  • Carrimjee was also fined 89,004 pounds ($109,000) over the case
  • Carrimjee has been fighting the FCA’s actions since the regulator issued its penalty notice in 2013
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Source: BFW (Bloomberg First Word)

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Tariq Carrimjee (Somerset Asset Management LLC)

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