London hedge fund manager Alberto Micalizzi cannot afford the multi-million dollar fine imposed by the U.K. Financial Conduct Authority.
Financial Times reported that Micalizzi, whose hedge fund firm Dynamic Decisions ”suffered catastrophic losses” at the height of the financial crisis, is claiming financial hardship against the $4.1 million fine during a tribunal hearing on Tuesday.
FCA alleged that Micalizzi attempted to defraud investors by investing in an illiquid and unlisted bond issued by a Nevada-based oil company in 2008 without the investors’ permission to conceal losses by the firm. Dynamic Decisions lost 85% of its assets under management.
Micalizzi, has not yet put forward his argument to the tribunal, which can ultimately overturn the ban and fine.