A formal review has reportedly been launched into the British financial watchdog's handling of the whistleblower who exposed Commerce Secretary Howard Lutnick's business ties to Jeffrey Epstein, days after the banker took his own life. His death has drawn alarm from lawmakers on both sides of the Atlantic.
Simon Andriesz, 57, a former managing director at Lutnick's old brokerage BGC, died by suicide on Sept. 23 in Thailand, according to his family. His death was first reported by The Banker and confirmed by Andy Agathangelou, founder of the Transparency Task Force, a financial reform group Andriesz had worked with.
Britain's Financial Conduct Authority has since asked Lea Paterson, a newly appointed non-executive director, to review how the regulator dealt with Andriesz, PunchUp, the Daily Beast's investigative unit, reported. The watchdog expects to complete the review by the end of the year.
An FCA spokesperson said the agency was "very sorry to hear of Mr. Andriesz's death" and that Paterson would examine its interactions with him "to learn any lessons for the future."
Andriesz spent roughly a decade accusing BGC of serious misconduct, allegations the firm denies. He won $500,000 in a 2024 arbitration against BGC, and some of his disclosures contributed to a $3 million federal penalty against the firm in 2019. He also told the FBI in 2020 and 2021 that Lutnick had undisclosed business ties to Epstein, pointing to 2018 emails about a shared stake in an advertising startup called Adfin. Lutnick later told House Oversight he did not know until this year that Epstein was an Adfin co-investor, the BBC reported.
Those disclosures clashed with Lutnick's long-running public account, as he had claimed he cut ties with Epstein after a disturbing 2005 encounter, but acknowledged under Senate questioning in February that he met Epstein again in 2011 and even had lunch with him on his private island in 2012. The revelations set off bipartisan calls for his resignation, though the White House stood by him.
Rep. Thomas Massie (R-KY), one of the few Republicans publicly scrutinizing the Lutnick-Epstein connection, flagged Andriesz's death on X, crediting him with uncovering the Adfin emails and taking them to House Oversight. In February, Massie told CNN that Lutnick "should just resign," adding that "the prince lost his title for less than what we've seen Howard Lutnick lie about."
In a Sept. 26 letter to Andriesz's representative, John Robertson, FCA chief executive Nikhil Rathi acknowledged the banker never got the "clarity, understanding and closure" he had sought from the agency.
"Simon spent years trying to get people to listen," Robertson said. "The tragedy is that the serious questions are only being asked now that he is gone."
A cross-party group of MPs is pushing for an independent inquiry rather than an internal FCA review, warning that the regulator should not be "marking their own homework".
BGC said it has "long disputed" Andriesz's allegations but does not intend to relitigate them "at this sad time," and it offered condolences to his family. The Commerce Department did not respond to PunchUp's request for comment.
If you or someone you know is struggling, call or text the 988 Suicide & Crisis Lifeline.