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Release Date: 9th February 2016

To access the original FCA document, click here.


Achilles Othon Macris was fined £792,900 by the FCA for failing to comply with Statement of Principle 4, which requires dealing with the Authority in an open and cooperative manner. Macris was the Head of CIO International at JPMorgan Chase Bank, N.A., during the period from 28 March 2012 to 29 April 2012, and he failed to disclose critical information about the Synthetic Credit Portfolio (SCP) during a time of substantial losses.

Reasons for the Fine:

Key Takeaways for Other Firms:


The FCA’s action against Macris underscores the importance of openness and transparency in dealings with regulators. Firms and individuals in senior positions must adhere to these principles to maintain the integrity of the financial system and avoid severe penalties.

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