Britain's financial regulator, the Financial Securities Authority (FSA) has levied its 2nd huge fine in a week, imposing a £2.87 million ($4.5mn) fine against Ravi Sinha, who had been CEO of J.C. Flowers' British operations at the time of the alleged actions.  Just one week earlier, the FSA sanctioned David Einhorn and his Greenlight Capital hedge fund $11mn for alleged insider trading. FSA Findings and Allegations. Ravi Sinha allegedly issued fraudulent invoices in 2009 in order to pocket extra millions from firm clients - which explains why the fine was so large - and is one of the largest penalties ever imposed on an individual.  The FSA further alleges that Sinha misled J.C. Flowers' CEO by claiming the payments had been approved by Mr. Flowers.  Mr. Sinha also used the overbillings to cover his personal losses that arose during the financial crisis. FSA Sanctions. All told, Sinha will pay £1.36mn in disgorgement of excess fees plus a punitive fine of £1.5 million.  Sinha, who previously had worked for Goldman Sachs in Asia, also was barred from working in the U.K.'s financial services sector. Termination from J.C. Flowers. Sinha headed the U.K. operations from 2005 to 2009.  J.C. Flowers initially suspended Sinha in late 2009 after the firm first detected the fraudulent activity.  After conducting an internal investigation, the company then terminated Sinha's employment and referred the matter to local authorities. In other large disciplinary actions against individuals, the FSA fined Rameshkumar Goenka, a private investor based in Dubai, $9.6 million in 2011 for manipulating the closing price of the Indian infrastructure company Reliance Industries on the London Stock Exchange.  In August, hedge fund manager Michiel Visser was fined £2mn and barred from the U.K.'s financial services industry for deliberating misleading investors. [DealBook, 1/31/12]