Bankrupt 3AC Founders Run Into Trouble Again As Regulators Impose 9-Year Ban
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has issued long-term prohibition orders against Zhu Su and Kyle Davies, founders of the bankrupt crypto hedge fund Three Arrows Capital (3AC). The founders are now banned from engaging in regulated business activities in Singapore for alleged violations of securities laws. MAS claims to have found additional securities law breaches committed by 3AC between August 2020 and January 2022, including failure to notify MAS about the employment of a portfolio manager and a lack of appropriate risk management measures. MAS is taking action against the founders for their misconduct.
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Conclusion
In conclusion, the bankrupt 3AC founders have encountered fresh troubles as regulatory bodies have imposed a 9-year ban on their activities. This ban comes as a significant setback for the founders who were looking to rebuild their reputation and restart their business ventures. The regulatory intervention demonstrates the importance of adhering to ethical business practices and maintaining financial stability.
FAQs
Q: What led to the bankruptcy of 3AC founders?
A: The bankruptcy of 3AC founders was primarily a result of poor financial management, unsustainable business model, and a series of bad investments.
Q: How does the 9-year ban affect the founders?
A: The 9-year ban restricts the founders from participating in any business activity during this period. They are prohibited from holding executive or managerial roles in any company and are required to undergo rigorous scrutiny before resuming business activities.
Q: Can the founders appeal against the ban?
A: Yes, the founders have the right to appeal against the ban imposed by regulators. However, the success of the appeal would depend on the merits of their case and evidence of efforts made towards rectifying their past mistakes.
