The FSA obtained its first criminal conviction in respect of a boiler room fraud. Mr Mason was sentenced to two years in prison and disqualified from being a director for six years following his co-ordination of a cold-calling scheme to promote shares in EduVest Plc. The FSA found evidence that Mr Sinclair, a director and controlled function holder of Axiom Capital Limited who had assisted Mr Mason in setting up EduVest, had failed to act on information from investors and a colleague that raised ...
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The FSA fined Fox Hayes £454,770 for breaches of COBS in relation to the approval of 20 or more financial promotions for five overseas unauthorised entities resulting in 670 UK consumers losing approximately $20 million. The Tribunal determined that the partner liable were those partners in existence at the time of the breaches.
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The FSA obtained summary judgment against Mr Watkins in respect of a land banking scheme. Mr Watkins was ordered to make an interim payment of £920,000 to the FSA for payment to investors in his scheme. Mr Watkins is prohibited for life from selling plots of land without advance notice to the FSA.
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The FSA banned Mr Brincat, the sole director of Wise Owl Services Ltd (Wise Owl), from performing any function in relation to any regulated activity. The FSA also withdrew the permissions of Wise Owl, which was a small firm specialising in insurance policies for buildings and life insurance. The FSA found that between September 2009 and August 2010 Mr Brincat had failed to disclose to Wise Owl's insurance providers that it had a sales strategy of offering free life cover to customers and had fai ...
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The FSA banned Mr Porter, the sole shareholder and broker at Porter Insurance, from working in the financial services industry for serious misconduct. The FSA found that Mr Porter had deliberately underinsured clients, retaining the surplus money for his benefit, had misled companies into paying for cover which was neither suitable nor appropriate, and had falsified documentation in the names of companies to mislead those clients. The FSA said that he had abused the trust and confidence of his c ...
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The FSA obtained a court order preventing Mr Alexander, a self-employed trader, from committing market abuse and ordered him to pay a £700,000 fine and £322,818 in restitution to firms which experienced a loss as a result of his actions.
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The FSA obtained its first injunction against an individual to prevent the committing of market abuse. The FSA fined Samuel Kahn £1,094,900 for co-ordinating a share-ramping scheme in Global Brands Licensing plc from 2 pence to 5.25 pence over the period of a month. Mr Kahn had previously been made bankrupt by the FSA following enforcement action relating to his involvement in overseas boiler room activities.
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The FSA fined Bank of Scotland £3.5 million and obtained a redress valued at £17 million for customers in respect of the mishandling of complaints about retail investment products. Between 30 July 2007 and 31 October 2009 BoS received nearly 2,600 complaints about its sales of various products. An internal review showed that BoS should have accepted 45% of complaints that had been rejected.
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The FSA obtained a worldwide freezing order against European Property Investments (UK) Limited on the basis that it believes that it took over Plott's business once the FSA began enforcement action against Plott. Between 1 April and 27 May 2011 EPI raised about £639,000.
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The FSA secured a winding up order in the High Court against Plott UK Limited and the appointment of a liquidator. Plott had been marketing plots of land as an investment opportunity and operating an unauthorised collective investment scheme and raised £3.9 million between May 2009 and April 2011.
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