LONDON (AP) -- Britain's financial regulator has imposed a record fine on a former executive of the private equity firm J.C. Flowers.
The Financial Services Authority said Tuesday that the 2.86 million pounds ($4.5 million) fine assessed against Ravi Shankar Sinha was the largest it had ordered a case which didn't involve market abuse.
The agency said Sinha had billed the company 1.367 million pounds in 2009 for what he called advisory fees, but which had not been authorized.
The fine included the amount taken from the company plus a punitive component of 1.5 million pounds. All the fine is due to the FSA, and would not reimburse J.C. Flowers, the agency said.
Sinha, who was CEO of J.C. Flowers & Co. UK Ltd. from 2005 to 2009, was also banned from working in the financial industry.
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