£2.8m fine for Sinha's fake invoicing scheme

The regulator is on a roll, levying another high-profile figure in the financial industry a steep sanction before the end of January. Ravi Shankar Sinha - who was CEO in the UK for private equity firm JC Flowers (JCF) and who headed a bid for Northern Rock - has been fined £2.867 million for obtaining £1.367m for himself by means of a fictitious invoicing scheme. He has also been banned from working in financial services. The fraud was committed on a company owned by a private equity fund advised by JCF.