David Jones, the former chief financial officer of Northern Rock, was Tuesday fined £320,000 (US$498,228) and barred from working in finance after the Financial Services Authority found he misled investors about the bank’s bad loans in the lead-up to the bank’s eventual collapse. Jones most recently was CFO at Northern Rock Asset Management, the “bad bank” of the nationalized lender after a restructuring of its operations. He left the company in April because of the FSA investigation, a week after two former colleagues were fined and banned for their roles in making the bank’s 2006 bad-loan figures appear better than they were.
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