The U.K.’s Financial Services Authority (FSA) has issued one of the highest fines ever against an individual for fraud.

Ravi Sinha, former chief executive of private equity firm J.C. Flowers, is accused of issuing invoices to a company J.C. Flowers invested in between February 2009 and October 2009 to “address his pressing financial obligations and cash-flow problems,” the FSA said. 

According to the authority, Sinha deliberately misled the CEO of the company he was investing in by erroneously claiming that the payments had been authorized and approved by J.C. Flowers to secure payments of the invoices. Using this method, Sinha was able to secures three loans—one for €250,000, one for €400,000 and one for €500,000.

“Sinha exploited his position of trust as CEO to fraudulently obtain significant sums for his personal benefit,” said Tracey McDermott, the FSA’s acting director of enforcement and financial crime, in a statement. “He engaged in a dishonest, deliberate and sustained course of misconduct which lasted for several months. Such behavior has no place in the financial services industry.”

The FSA has ordered Sinha to pay a fine of £2.87 million ($4.51 million), which includes £1.37 million to repay fraudulently obtained funds and punitive damages of £1.5 million. Sinha is also prohibited from ever working in the financial services sector of the U.K.

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