Anjam Ahmad pleaded guilty at Southwark Crown Court to one count of conspiracy to commit insider dealing relating to transactions in the shares of 22 companies. Sentencing is scheduled for 22 June 2010.
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Mr King and Mr McFall were acquitted at Southwark Crown Court of insider dealing. This was the FSA’s first unsuccessful prosecution for market abuse.
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The FSA charged Mr Mason with five offences including making misleading statements to investors, conspiracy to defraud and money laundering in respect of share sales to UK consumers by boiler rooms between November 2008 and June 2009.
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The FSA banned an insurance broker, Adrian Shillaker of Griffiths McAlister Insurance Brokers Ltd, for transferring client money to a business account to fund business expenses. The FSA has also cancelled the Part IV permission granted to the company.
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The FSA fined Mr Delwyn Way, a director of Shield Insurance Consultancy Ltd, £77,957 for embezzling money and assets from a client account to fund business and personal expenses. Mr Way was banned from working in financial services.
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The FSA announced a temporary rule to give customers who recently made a complaint about their purchase of a Payment Protection Insurance policy more time in which to refer their complaint to the Financial Ombudsman Service. The rule suspends the six month time limit for referring complaints to the Ombudsman and will run for five months until 27 October 2010 and applies to PPI complainants who have been sent a final response from a firm between the dates of 28 November 2009 and 28 April 2010. Th ...
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The FSA banned sole trader Joseph Masi trading as Select Mortgage Services for breaching a settlement agreement with the FSA and providing the FSA with false and misleading information. In March 2009 Mr Masi had told the FSA that only one regulated mortgage application had been completed in the previous six month period. FSA investigations revealed that 18 applications had been completed and submitted. The FSA further obtained information that at least 48 regulated mortgage applications had been ...
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The FSA fined Rowan Dartington £511,000 for client money breaches. The firm had failed to properly test and implement a new software system for client assets in May 2007 which led to a breakdown in its reconciliation processes. In addition between May 2007 and September 2009 Rowan Dartington placed clients’ money at risk by failing to segregate client money for contingent liability business, including spread bets and options and failed to ensure it had the correct trust letters from its banks an ...
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The FSA fined Close Investments Limited £98,000 for failing to protect and segregate client money properly between January 2008 and January 2010. Close had failed to hold client money in segregated accounts with trust status and to implement and maintain adequate controls over its client money as required by FSA rules.
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The FSA prohibited Mr Bunn, a former broker at Lewis Charles Securities Limited from performing any function in relation to any regulated activity on the grounds that he is not a fit and proper person with effect from 25 March 2010. Mr Bunn was permitted to trade on behalf of clients on a ‘matched basis’ i.e. earning income on the spread basis. He was not authorised to take proprietary positions on behalf of Lewis Charles. Mr Bunn entered in to large unmatched proprietary trades on behalf of Lew ...
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