The UK Financial Services Authority announced last week that a tribunal upheld its decision prohibiting the former chief executive at a General Reinsurance Group unit from working in financial services.
Milan Vukelic, former CEO of Alternative Solutions, has been banned from the industry for his involvement in sham reinsurance deals that helped shaky insurance companies bolster their results.
The FSA's decision was upheld by the Financial Services and Markets Tribunal in London, which found that Mr. Vukelic's actions as CEO of AltSol lacked integrity, said FSA.
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