Former CSFB Boss Fined

The Wall Street Journal reports that the former boss of CSFB's derivatives arm has been fined £150,000 by UK financial regulator The Financial Services Authority (FSA) for failing to detect or prevent attempts to mislead Japanese regulators and tax officials in the 1990s.

Christopher Goekjian was CEO at Credit Suisse Financial Products at the time wrongdoing was said to have been found in connection with certain of its activities in Japan. CSFB has already paid a £4m fine to the regulator over this case, following allegations that evidence was concealed and removed.

Goekjian's fine is the largest personal fine yet levied by the FSA and is thought to underline the regulator's commitment to ensure that executives should be held accountable for the actions of those reporting to them. The FSA also banned two other former CSFP senior managers over the affair. The unit's former head of financial control is banned from holding any position which requires FSA approval and a former compliance officer is banned from working in the industry in that function.

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