Regulation – City man faces disciplinary

The chartered accountant at the centre of one of the City’s most notorious scandals is set to face disciplinary proceedings from the English ICA.

Paul Ebling, who oversaw the activities of former Deutsche Morgan Grenfell star fund manager Peter Young, could face severe punishment by the institute after he was found guilty of negligence by fund management watchdog IMRO.

Ebling was deputy compliance officer in the asset management arm of DMG where he was given day-to-day responsibility for checking Young’s main fund. He was banned for two years from the City and prevented for a further year from acting as a compliance officer. He was also ordered to pay costs totalling more than #70,000.

Three other officers at DMG, Glyn Owen, the former chief executive of the asset management arm, Michael Wheatley, former head of compliance, and Graham Kane, head of unit trust business, were banned from the City for between 16 months and three years.

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