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Broker banned for kickback scheme

Ex-TFS Derivatives cash equities broker escapes maximum fine over hardship claim

A former cash equities broker was today effectively banned for life and fined by the UK Financial Services Authority for paying more than £100,000 in kickbacks to an ex-hedge fund trader.

Fabio Massimo De Biase, who was a cash equities broker at TFS Derivatives, part of Tradition Financial Services, was fined £54,239 and told to repay profits of £198,000 for acting without integrity.

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