The FCA said the decision was based on a failure to spot or report the warning signs of market abuse.

An employment tribunal has upheld the Financial Conduct Authority’s decision to ban Tariq Carrimjee of Somerset Asset Management.

Carrimjee founded Somerset Asset Management in 2006, having left UBS a few months earlier. He was the firm’s senior partner as well as acting as a fund manager and investment advisor. In March 2015, the tribunal found that he had failed to report that his client, Rameshkumar Goenka, might have been planning to manipulate market prices in 2010. That year, Somerset managed over $600 million in assets across 70 portfolios.

After the tribunal fined Carrimjee £89,004 ($108,700), the FCA banned him from carrying out compliance oversight and money laundering reporting “significant influence” functions.

“The tribunal made a number of findings including that his failure to spot the warning signs of market abuse were ‘basic, fundamental and serious’,” the FCA  said in a statement on Friday.

“The Tribunal concluded that the Authority’s decision to impose a partial ban was one that was reasonably open to the Authority to make. It remains open to the parties to appeal this judgment.”