On May 29, 2012, the UK Financial Services Authority (FSA) published a Decision Notice explaining the facts and rationale for the largest fine in a non-market abuse case, £3 million, against Alberto Micalizzi, Chief Executive Officer of Dynamic Decisions Capital Management Ltd (DDCM), a hedge fund management firm based in London and Milan. In a related case decided in November 2011, the FSA fined Dr. Sandradee Joseph, DDCM’s Compliance Officer, £14,000 (US $21,757), and banned her from performing any significant influence function in regulated financial services.  In that matter, the FSA found that Joseph failed to investigate or act on investors’ concerns over potentially improper activity at DDCM.  See “Recent FSA Settlement Helps Define the Scope of Potential Liability of the Chief Compliance Officer of a U.K. Hedge Fund Manager,” Hedge Fund Law Report, Vol. 4, No. 43 (Dec. 1, 2011).  The cases against Micalizzi and Joseph are part of a series of recent vigorous enforcement actions by the FSA, including significant fines levied for non-market abuse.  See “FSA Fines Former J.C. Flowers Europe CEO for Fraudulent Invoicing Scheme,” Hedge Fund Law Report, Vol. 5, No. 6 (Feb. 9, 2012).