The FSA’s prosecution of Mr Calvert succeeded leading to a sentence of 21 months imprisonment.
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The FSA prohibited Mr Stenfors, a Merrill Lynch trader on the short-term interest rate trading desk, from performing any function in relation to any regulated activity after he mispriced his positions on interest rate swaps over the course of a month to conceal his losses. The FSA indicated that in the absence of any new factors it would be minded to remove the prohibition order after a period of five years. Mr Stenfors co-operated fully with his employers and the FSA when the issues came to lig ...
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Following the sentence of Mr MacAulay to 21 months in prison for mortgage fraud, the FSA published its final notices in respect of its fine imposed in June 2009 when the FSA fined the mortgage broker £115,157 for knowingly submitting nine fraudulent mortgage applications for himself, his wife and his brother and for submitting false tax information to the FSA in his Retail Mediation Activities Return. The FSA also banned Mr MacAulay from working in regulated financial services.
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The FSA fined Tenon £700,000 for significant failings in its advice and sales processes relating to Lehman-backed structured products, and for having poor systems and controls to prevent unsuitable advice in its structured product and pension switching business. The fine represents a 30% discount for early settlement. In addition Tenon is required to conduct a past business review of all its sales of Lehman-backed structured products. Customers who received unsuitable advice will be able to sell ...
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The FSA fined the director of Gloucestershire based IFA network, Financial Ltd, £49,000 for management failings which resulted in poor compliance monitoring on pension switching advice during a period of rapid expansion in the period April 2006 to August 2008. The fine represented a 30% reduction in penalty for early settlement. Financial Ltd was one of 30 firms visited by the FSA in its thematic review of pension switching advice. The FSA concluded that Mr Palmer had failed to (a) establish and ...
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The FSA cancelled the permission of Ms Jones on the basis that she had failed to pay fees and levies of £1,349.71 owed to the FSA despite requests to do so and had thereby failed to conduct her business soundly and prudently in compliance with proper standards and was accordingly not a fit and proper person.
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Failing to pay FOS award. The FSA cancelled the permission of this IFA for failing to comply with an award made by the Financial Ombudsman Services despite repeated requests by FOS and the FSA to do so and thereby breaching Principle 6 of the FSA’s Principles for Businesses in not paying due regard to interests of its customer or treating him fairly; failing to ensure it had an approved person controlling its affairs in breach of Principle 3 (Management and Control); and failing to respond adequ ...
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In the fall out from the alleged Stanford Ponzi scheme the court was faced with conflicting requests for assets in the UK. In the US Securities and Exchange Commission had brought proceedings alleging fraudulent breaches of US securities law and had appointed a receiver over the bank’s assets. The SFO had then obtained a without notice freezing order over the bank’s assets in the UK under the Proceeds of Crime Act 2002 (External Requests and Orders) Order 2005. Separately in Antigua an order was ...
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The appointed representative agreement and insurance provisions protected the IFA from a claim for recovery of compensation paid to a former client.
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The use by a venture capital of confidential proposals about a management buy-in opportunity in launching a separate bid for the relevant company was a breach of the terms of the confidentiality agreement which on its proper construction required that the information be used only for a management buy-in in which the proposers were to be part of the subsequent management team.
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