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UK Hedge funds banned for flagrant deception

Telegraph – Michiel Visser and Oluwole Modupe Fagbulu, who ran Mercurius Capital Management, were fined £2m and £100,000 respectively and banned from working in regulated financial firms.

The financiers managed €35m for 20 investors between June 2006 and January 2008 when Mercurius was liquidated leaving investors with nothing. The regulators found that Mr Visser “breached key investment restrictions” and made decisions that “placed the fund in a precarious position.”

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