H2O’s Ex-Deputy CEO Fined £1 Million by UK FCA, Banned

The former deputy chief executive officer of asset manager H2O has been banned from working in financial services and fined more than £1 million ($1.3 million) by the UK’s Financial Conduct Authority.

Jean-Noel Alba made false and misleading statements and instructed junior employees to create fake documents during the FCA’s investigation into H20’s investments relating to Lars Windhorst’s Tennor Group, according to a statement Friday. He also created fake investment research designed for due diligence that was handed to the FCA during its investigation, despite being created years after the investments were made, it said.