The FSA’s first insider dealing criminal prosecution led to convictions of a solicitor and his father-in-law in respect of profits made from knowledge acquired in his position of General Counsel for TTP Communications in respect of a proposed take-over of the company. The FSA obtained a court order freezing the profits made from the trade. Both received sentences of imprisonment, the father-in-law’s sentence being suspended.
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The FSA banned Ashfad Ahmed from performing any function in relation to any regulated activity. He had also traded as Dockside Mortgages. Mr Ahmed had submitted two mortgage application forms for himself through Eastside Mortgages providing false and misleading information about his self-employed income. The FSA decided that Mr Ahmed had failed to conduct himself with honesty and integrity.
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The FSA publicly censured a mortgage broking firm for failing to ensure it provided suitable advice and exposing up to 80 of its customers to the risk of being sold an unsuitable self-certified mortgage.
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The FSA fined a broker specialising in managing insurance claims for property repairs £21,000 for not maintaining appropriate systems and controls for the recruitment, training and monitoring of appointed representatives; for misleading clients by telling them that its services were free of charge when cancellation charges could be incurred and appointed representatives had a discretion to charge an insurance excess and that all its contractors were screened and only quality local tradesmen were ...
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The FSA found that Mr Abiona knowingly submitted mortgage applications containing false or misleading information to lenders on his own and his customers’ behalf. Mr Abiona also failed to protect confidential customer information; to ensure file reviews were adequately carried out and recorded; and to make sure that information on mortgage application forms was not misleading. Mr Abiona was banned.
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The Chairman of the FSA (Adair Turner) said recently that three reforms are being proposed to financial regulations. These are: (1) new approaches to capital adequacy, entailing more capital held against risky trading strategies and counter-cyclical capital requirements to build up adequate buffers during good economic times, which can be drawn on in bad; (2) a new liquidity regime focused not just on individual firms’ liquidity but also on market-wide risk; and (3) ensuring t ...
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The FSA is considering whether to extend disclosure of short selling to all companies publicly traded in the UK. It has decided to relax an outright ban on short selling banking stocks which had been in force since September 2008; from 16 January 2009 investors are allowed to short sell banking shares provided that they disclose it. The FSA is now consulting about whether to extend disclosure to cover every quoted company.
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The Coroners and Justice Bill was published on 15 January 2009 and includes a proposal that the FSA can grant immunity and other protections to witnesses in criminal investigations by an amendemnt to the Serious Organised Crime and Police Act 2005. The power is expected to come into force in late 2009 or early 2010.
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The FSA fined a Belgium based private investor £176,254 for dealing in the shares of Monterrico Metals Plc an AIM-quoted company on the basis of inside information. The fine represents a disgorgement of profit of £127,254 and an additional penalty of £49,000 (discounted by a third to reflect an early settlement). Mr Boyen was an experienced investor. His brother had received a request from an executive involved in takeover discussions to acquire shares in Monterrico on his ...
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The FSA has continued to bring criminal prosecutions for insider dealing. Earlier this month it brought proceedings against Neil Rollins. He is charged with five counts of insider dealing and four counts of money laundering; it is alleged he sold more than 73,000 shares in PM Group in August and September 2006 with the benefit of inside information.
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