The FSA fined City Index £490,000 for failing to provide accurate transaction reports to the FSA. Between November 2007 and September 2009, City Index failed to submit accurate transaction reports in respect of approximately 2 million transactions, representing nearly 60% of its reportable transactions. If failed to report approximately 55,000 transactions and reported approximately 1,970,000 transactions with one or more data fields completed improperly. City Index was also found to be in breac ...
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Neil Rollins a former senior manager of PM Onboard Limited, a waste industry firm, was sentenced to 27 months in prison for five counts of insider dealing and four counts of money laundering after he traded on the basis of information he obtained as a result of his senior position and laundered the proceeds. Mr Rollins was also ordered to pay £197,000.66 in confiscation.
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The FSA fined and banned chartered accountants Paolo Maranzana and Laurence Finger for Sedley Richard Laurence Voulters’ involvement with a boiler room share scam. Maranzana was fined £105,000 and banned from working in financial services. Finger was fined £35,000 and banned from being a Money Laundering Reporting Officer. SRLV was fined £163,140.
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The FSA banned and fined Nabeel Naqui the former Head of the Credit Products Group Europe and Asia Pacific at Toronto Dominion Bank £750,000 for deliberately mismarking his trading positions and misleading fellow staff to conceal his losses over a period of two years. The effect of correcting his mismarking was a downward valuation of CAD $96 million on his books.
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The FSA fined Scottish Equitable Plc £2.8 m for causing significant consumer detriment through poor administrative procedures. Scottish Equitable Plc will pay consumer redress of about £60 million, of which £30 million was to have been paid by the end of 2010.
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The FSA fined Barry Williams £25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded London market insurers of more than £2 million. While not a participant in the fraud, as a director of Surety Guarantee Consultants Limited (SGC) Williams deliberately ignored his responsibilities as an approved person, turning a blind eye despite clear warnings about the true nature of the scheme. SGC had held binding authorities with Markel and QBE and had wr ...
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The FSA fined Royal Bank of Scotland and National Westminster Bank £2.8 m for multiple failings in the way they handled customers’ complaints, responding inadequately to more than half the complaints reviewed by the FSA. The FSA’s investigation found that there was an unacceptably high risk that customers may not have been treated fairly due to a number of failings within the banks’ approach to routine complaint handling including delays in responding to customers; poor quality investigations in ...
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The FSA fined Christopher Gower £50,000 for making misleading and inaccurate disclosures to the market about Enterprise Inns plc to clients via Bloomberg instant messenger, substantially impacting its share price. Mr Gower is a former senior research analyst employed by MF Global Securities Limited and MF Global UK Limited. He attended a meeting with the CEO of Punch Taverns plc on 7 May 2008 at which information already in the public domain was discussed. Following that meeting he sent an insta ...
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A prohibition order against a stockbroker pursuant to the Financial Services and Markets Act 2000 s. 56 was merited where he had been actively involved in a share ramping scheme.
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The FSA fined Barclays Bank plc £7.7 million for failures in relation to the sale of two funds, Aviva’s Global Balanced Income Fund and Global Cautious Income Fund. Barclays has already paid £17 million in compensation and the FSA estimates up to a further £42 million will need to be paid.
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