Britain’s Financial Conduct Authority on Friday imposed a fine of 1 million pounds ($1.34 million) on Jean-Noel Alba, the former deputy CEO of French asset ma2O, and banned him from the financial services industry following his conduct during an investigation.
H2O in 2019 became the subject of market and regulatory concern over its investments in illiquid bonds issued by several companies related to German entrepreneur Lars Windhorst, who owns investment firm Tennor.
FCA said that during its investigation, Alba provided false and misleading statements and documentation to the regulator.
“Alba asked junior colleagues to create minutes, including records and minutes of committees, where no formal meetings had taken place,” the watchdog said.
“Alba also provided due diligence materials, such as investment research, to the FCA that had been created years after the investments had been made, when he had claimed they were produced at the time.”
In August 2024, H2O voluntarily offered to pay 250 million euros to investors trapped in funds since 2020 and said it would shut its UK regulated operations, escaping a fine for failing to make sufficient checks on risky investments.
