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Jeses Stali has failed to annul the decision by the financial conduct that he “reckless” has misleaded the UK regulator of his links to convicted sex offender Effeefry Epstein, in a major failure for former Chief Executive Officer.
In a judgment Submitted on Thursday by the upper tribunal, Judge Timothy Herrington said Stali’s behavior was a “serious failure of the verdict” and that he had “acted without integrity” by approving the wrong letter from the bank to its regulator claiming that her chief executive and convicted pedophile had no close link.
Stali, who retired as Barclays in 2021, “showed no remorse for his behavior”, according to the verdict.
However, the referee ordered that the £ 1.8million fine imposed on Stali by the regulator would be reduced by nearly £ 1.1m to £ 1.1m to reflect the fact that Barclays He did not allow him to receive delayed actions of which he was entitled.
The former Barclays chief posed a legal challenge against the ban and a fine imposed by FCA in 2023, with A. a high -profile trial takes place in March. Witnesses included Bank of England Governor Andrew Bailey – who was led by FCA at the time – and Barclay’s chair, Nigel Higgins.
During the hearing, Stali addressed a number of intimate is -he sent them to Epstein. These include now an infamous reference to Disney Princesses such as Snow WhiteAs well as the contacts of the sex offender with Stali’s daughter, Alexa, to whom the former Barclay chief followed the correspondence Referring to “Uncle Effeephries“.
The verdict on Thursday found that “Stali’s behavior is such that it can result in confidence in the financial system to adversely affect.”
At the heart of the dispute were two national teams made by Barclays in a letter sent to regulators in October 2019 – Two months after Epstein died in a prison cell in Yorkyor, waiting for trials on sex trafficking – stating that Stali “had no close relationship” with the financier “.
FA has opened an investigation into Stali two months later, after his former employer JPMORGAN CHASE said to the IT IT IT There was a rhythm of documents about his relationship With Epstein, which FCA forced the US bank to hand over.
“We have noticed the achievements of Mr Stali as Chief Executive Officer of Barclay, but in our opinion, these do not diminish the seriousness of the misconduct,” the verdict said. “Losing his long career is an inevitable consequence of that behavior.”
Stali said on Thursday that he was “disappointed with the outcome and time needed for the process to take place”.
The 68-year-old American added: “I worked tirelessly for my previous employers as a whole of my career; I am proud of the support I gave to many individuals during that career and the strategy I developed to help Barclays when faced with huge challenges.
Barclays declined to comment.
Teresa Chambers, Joint Executive Director for Enforcement and Supervision of the Market in the CCA, said Stali had taken “calculated risk” and “hopes that the truth will never come to light and get out of it.” She added: “Such a serious lack of integrity flies before the demands we set at the top.”
The judge noted several inconsistencies between Stali’s witness’s statement, which “contained evidence that were unsure” and his testimony in court.
These include Stali’s claims that his relationship with Epstein was not personal, while admitted during the cross -examination that they were “very close” and once described him as a “friend”.
The verdict also stressed Stali’s evidence when he admitted that he knew in 2010 that the shit financier lied to him in 2006 for the age of Epstein accusers.
“Therefore, we cannot accept Mr -Stali’s evidence in his witness’s statement that when Mr. Epstein was arrested, he was shocked and surprised,” the judge wrote. “What he said in an interview, which was that he had no idea of the behavior to be claimed, was also untrue.”
Stali’s attempt to overturn FA’s ban was considered a long blow, prompting those who knew and worked with him to doubt why he decided to publicly reconsider his relationship with the pedophile and drag an actress from the most important figures of the city in Epstein’s orbit.
References in court submissions to Prince Andrew and Lord Peter Mandelson, now the British Ambassador to the United States, who were both contacted by Epstein, guaranteed that Stali’s challenge against FCA would attract titles.
Stali said he had endured public humiliation After being revealed in court that he had sex with one of Epstein’s employees in a Newoufor apartment, which belonged to the brother of the deceased financier, a recognition he said put the marriage in danger.
Stali has two weeks to appeal the tribunal’s verdict. He may now withdraw, but insiders report that Barclays – over whom the scandal threw a long shade – hopes the decision will make a line under the episode.
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