Ian Hannam was investigated and given a final written warning by JP Morgan Cazenove at the same time as the Financial Services Authority was examining his conduct.
The Telegraph reports that Hannam - the former City rainmaker accused of market abuse and fined £450,000 for allegedly passing on inside information in relation to former client Heritage Oil - was the subject of 'very significant and extensive restrictions' on his work as a result of the internal probe.
The investigation and subsequent actions - which included a ban on new business relationships and resigning from the board of JP Morgan Cazenove - came to light on the first day of his fight to clear his name.
The Upper Tribunal, the ultimate arbiter in appeals against rulings by the now defunct Financial Services Authority (FSA), heard that the internal investigation of a series of Hannam’s emails in December 2009 led to the final written warning.
Richard Boulton QC, for the Financial Conduct Authority - which inherited the FSA’s conduct responsibilities from April 1 - told the judge-led tribunal Hannam 'had conducted business communications with third parties in a manner failing below the standard expected of you'.
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