FSA Fines Former JC Flowers Boss for Fake Invoices

January 31, 2012 8:21 AM EST

(REUTERS) -- The Financial Services Authority (FSA) fined financier Ravi Shankar Sinha close to 3 million pounds ($4.7 million) for a false invoicing scheme while he was in charge of the UK operations of private equity firm JC Flowers.

The financial services watchdog demanded that Sinha, one of JC Flowers' leading dealmakers who had led attempts to buy Northern Rock and Friends Provident, repay the 1.38 million pounds he had pocketed fraudulently.

The FSA also levied a punitive fine of 1.5 million pounds and a ban on the former Goldman Sachs banker working within the financial services industry.

(Reporting by Simon Meads and Steve Slater; Editing by David Holmes)

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