The Tribunal decided it was appropriate for the FSA to impose a financial penalty of £66,062.50 of Mr Scerri for market abuse. This was an increase of £20,000 over the penalty originally imposed by the FSA. The fine represents disgorgement of profits made thought the use of inside information and a penalty of £20,000 for engaging in market abuse. The market abuse arose after Mr Scerri was tipped off that a company in which he had placed orders to purchase shares was about to announce a share pla ...
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An award by FOS accepted by the complainant debars a further claim above the FOS compensation limit of £100,000 in the civil courts. If the complainant wishes for more the FOS decision can be rejected and the claim should be brought in the courts.
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The FSA has banned Mr Classey failing to discharge his responsibilities as a partner of First Colonial Investments LLP. The FSA decided that he demonstrated a serious lack of competence and capability in carrying out the controlled function of a partner and was, therefore, not a fit and proper person contrary to the FSA principles.
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The FSA imposed a financial penalty of £35,000 on the Dundee firm Thorntons Law LLP in relation to the sale of Lehman-backed structured products between November 2007 and August 2008. A partner of the firm, Michael Royden, was fined £10,500 and another individual, Robert Yarr, from the IFA firm was fined £28,000 in connection with this matter.
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The FSA fined Fabio Massimo De Biase, a former cash equities broker, £252,239 for acting without integrity. He qualified for a 30% reduction in his financial penalty for an agreement to settle the matter early. The FSA also banned De Biase from working in the financial services industry on the grounds that he was not a fit and proper person.
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The FSA is set to close down Advantage Capital for breaching minimum capital requirements in what would be the first action of its kind against a European private equity house. Advantage has also been battling its cornerstone investor Robert Adair, the oil and gas magnate. In July 2010, the private equity firm took Mr Adair to the High Court for failing to make contractually-obliged payments.
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The FSA fined Goldman Sachs £17.5 million for breaches of principles 2, 3 and 11 which occurred between July 2009 and April 2010. In August 2008 the SEC began enquiries, which later started an investigation of Goldman Sachs. In breach of the FSA principles, Goldman Sachs did not have effective systems and controls in place to ensure that relevant information about the SEC investigation was shared between the people within Goldman Sachs group who needed to know about it. In particular, Goldman Sa ...
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The FSA fined Zurich Insurance £2,275,000 for failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information following the loss of personal details in respect of 46,000 policy holders. This is the highest fine levied to date on a single firm for data security failings. This represented a discount of 30% for early settlement from a fine of £3,25 million.
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The FSA fined the London branch of Societe Generale £1,575,000 for failing to provide accurate transaction reports to the FSA. The fine reflects the seriousness of the firm’s failure to submit accurate reports for approximately 80% of its reportable transactions across all of its asset classes, for a period of over two years.
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The FSA has banned Ngozika Ogboru who ran J N Finance (UK) Limited from carrying out any regulated activity. A FSA investigation found that advisers at the firm were able to submit false and misleading mortgage applications to lenders using Ms Ogboru’s log-in details without her prior knowledge and allowed the firm to continue to operate despite recognising her inability to manage it and the warning signs that it was being used for fraud. Mr Winton of Mortgage Healthcare Limited in Dundee was fi ...
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