The UK regulator, the Financial Services Authority, has fined Ravi Shankar Sinha £2.867 million ($4.525 million) for fraudulently obtaining £1.367 million for himself from a company owned by a private equity fund advised by JC Flowers by means of a fictitious invoicing scheme. 

The financial penalty consists of £1.367 million disgorgement and a punitive element of £1.5 million. Sinha is also prohibited from performing any function in relation to any regulated activity in the financial services industry.

Between 16 May 2005 and 11 November 2009, Sinha was the chief executive officer of JC Flowers & Co UK. As such he acted as an investment advisor to certain private equity funds (JCF Funds) through a US-based private equity firm.

In response to his deteriorating financial position following the financial crisis, between 17 February and 26 October 2009 Sinha issued invoices to a company, in which the JCF Funds had invested, for fees payable to himself, to which he knew he was not entitled. He claimed that the payments had been authorised and approved by JCFUK, when in fact no such authorisation or approval had been sought or given. In addition, Sinha dishonestly concealed from JCFUK the fact that he had received the payments from the company.