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Former Barclays chief government Jes Staley has been fined £1.8m by the Monetary Conduct Authority for deceptive the watchdog over the character of his relationship with billionaire convicted intercourse offender Jeffrey Epstein.
Mr Staley, an American, has additionally been banned from holding senior roles within the Metropolis.
The FCA mentioned Mr Staley “recklessly authorised” a letter despatched by Barclays to the regulator that claimed the financial institution’s former boss didn’t have an in depth relationship with Epstein, a financier who was convicted in 2008 of procuring a baby for prostitution and confronted a brand new sex-trafficking trial in 2019.
In actuality, in emails between the 2 Mr Staley described Epstein as certainly one of his “deepest” and “most cherished” mates, the FCA discovered.
Therese Chambers, joint government director of enforcement and market oversight on the FCA, mentioned: “A CEO must train sound judgment and set an instance to workers at their agency. Mr Staley failed to do that.
“We think about that he misled each the FCA and the Barclays board in regards to the nature of his relationship with Mr Epstein.
“Mr Staley is an skilled trade skilled and held a distinguished place inside monetary providers.
“It’s proper to stop him from holding a senior place within the monetary providers trade if we can not depend on him to behave with integrity by disclosing uncomfortable truths about his shut private relationship with Mr Epstein.”
The FCA’s choice is provisional and Mr Staley will current his case at a following tribunal.
Barclays mentioned that following the FCA’s choice, it determined Mr Staley was ineligible for, or would forfeit, bonuses and share awards totalling £17.8m.
The banking large had already suspended all of Mr Staley’s deferred bonuses and long-term share awards whereas the watchdog investigated.
Mr Staley has beforehand mentioned he “deeply regrets” his relationship with Epstein, who killed himself in a federal jail in 2019; he confronted federal prices accusing him of paying under-age ladies lots of of {dollars} in money for massages after which molesting them at his houses in Florida and New York.
Mr Staley mentioned he had no contact with Epstein as soon as he joined Barclays in December 2015; earlier that 12 months, he and his spouse sailed to Esptein’s personal island within the Caribbean for lunch.
Final month, JP Morgan Chase mentioned it had agreed to pay $75m (£61m) to the US Virgin Islands to settle claims that the financial institution enabled the sex-trafficking acts dedicated by Epstein. The Virgin Islands had sued the American banking large, arguing that it was complicit within the billionaire’s behaviour. The settlements averted a trial that had been because of begin this month.
JP Morgan additionally reached a confidential settlement with Mr Staley, whom it had sued for allegedly concealing his private actions with Epstein from it.
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