His appointment as Commissioner in September 2011 followed a period as Acting Commissioner in the period after his predecessor Sir Paul Stephenson's resignation.
In addition, the state of Illinois has banned Rappaport from acting as a principal of WestPark for a period of 3 years based on a 2004 violation noted by NASD (National Association of Security Dealers).
The company's acting chief executive Colin Brown said the losses reflected "a period of great turbulence" for the business but said Strongbow had continued to do well.