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Jes Stagey has not managed to revoke a decision by the Financial Conduct Authority that he misleaded the British supervisory authority via his connections to the convicted sex offender Jeffrey Epstein, in an important setback for the former managing director of Barclays.
In A Verdict Judge Timothy Herrington, who was handed down by the upper tribunal on Thursday, said that Staaley’s behavior was a “serious failure of the judgment” and he “acted without integrity” by approving a misleading letter from the bank to her supervisory authority, in which the managing director and the condemned pedophile had no close relationship.
According to the judgment, Staley, who resigned as Barclays boss in 2021, had shown “no regrets for his behavior”.
However, the judge ordered that the finance sentence imposed by the regulatory authority of 1.8 million Barclays Had hadn’t allowed him to maintain the shares that he was entitled to.
The former Barclays boss had a legal challenge against the ban on the prohibition and fines imposed by the FCA in 2023 Top -class attempt takes place in March. The witnesses included the governor of the Bank of England, Andrew Bailey, who at that time headed the FCA – and the chairman of Barclays Nigel Higgins.
During the hearing, StaLey spoke numerous intimate e -mails that he had sent to Epstein. This included the notorious reference Disney princesses like Snow Whiteas well as the contacts of the sex offender to staley daughter Alexa, to which the former Barclays boss led the correspondence Refers to “Uncle Jeffrey”.
The verdict on Thursday showed that staley was “behavior so that it could lead to trust in the financial system that is adversely influenced”.
At the center of the dispute were two representations of Barclays in a letter to the regulatory authorities in October 2019 – two months after Epstein died in a New York prison cell and was waiting for the court proceedings against sex trade – which stated that StaLey had “no close relationship” with the financier and that the couple had “connected well before he joined Barclay in 2015 in 2015.
The FCA opened an investigation by StaLey two months later after his former employer JPmorgan Chase had told the regulatory authority had a wealth of documents regarding his relationship With Epstein, which the FCA forced the US bank to hand over.
“We have found Mr. Staley’s successes as managing directors of Barclays, but in our opinion they do not reduce the seriousness of the misconduct,” was the verdict. “The loss of his long -term career is an inevitable consequence of this behavior.”
In an explanation on Thursday, Staley said that he was “disappointed with the result and the time this process needed to play”.
The 68-year-old American added: “I tirelessly worked for my former employers for the entire career. I am proud of the support that I gave in this career, and the strategy that I developed to help barclays when it was immense challenges.
Barclays rejected a statement.
Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said that Stagey had “a calculated risk” and “hoped that the truth would never come to light and that he would get through it”. She added: “Such a serious lack of integrity flies in view of the requirements that we place at the top.”
The judge emphasized several inconsistencies between staley witness declaration, which “contained evidence that were not reliable” and his certificate in court.
This included Staene’s claims that his relationship with Epstein was not personal, while he admitted during the cross -question that they were “very close” and once described him as a “friend”.
The verdict also emphasized staley evidence when he admitted that he already knew in 2010 that the unbeliever finished him in 2006 over the age of Epstein.
“We cannot therefore accept Mr. Staene’s evidence in his witness declaration that, when Herr Epstein had been arrested, he was shocked and surprised,” wrote the judge. “What he (the FCA) said in the interview was also untrue that he had no idea that the behavior was claimed.”
Staley’s attempt to overthrow the prohibition of the FCA was considered a long shot that prompted those who had known him and worked with him, why he had decided to publicly rethink his relationship with the pedophile and to draw the most important figures in the city back in Epstein’s orbit.
References in court files to Prince Andrew and Lord Peter Mandelson, now the British ambassador in the USA, who were both contacts of Epstein, guaranteed that staley challenge against the FCA would attract headlines.
Staley said he endured Public humiliation After he was unveiled in court that he admitted sexual intercourse with one of Epstein’s employees in an apartment in New York, which belonged to the deceased financier’s brother, that he said that he was also at risk.
Staley has two weeks to appeal against the judgment of the tribunal. He may stagger now, but insiders report that barclays – over which the scandal has occupied a long shadow – that the decision is drawing a line as part of the episode.
