Additionallly, Sinha has been banned from performing any regulated activity in the financial services industry.
The penalty involves GBP1.367m for disgorgement and a punitive element of GBP1.5m.
According to FSA, between 17 February and 26 October 2009, Sinha had issued invoices to the company for fees payable to himself, to which he was not entitled.
Further, Sinha intentionally misled the company’s CEO by claiming that the payments had been authorised and approved by JCFUK in order to secure payment of the invoices. In fact, no such authorisation or approval had been sought or given, FSA added.
Sinha had also dishonestly concealed from JCFUK that he had received the payments from the company.
Acting director of enforcement and financial crime Tracey McDermott said that Sinha exploited his position of trust as CEO to fraudulently obtain significant sums for his personal benefit.
"He engaged in a dishonest, deliberate and sustained course of misconduct which lasted for several months. Such behaviour has no place in the financial services industry," McDermott added.
