The FSA has charged Thomas Ammann, an investment banker, with three counts of insider dealing contrary to s. 52 of the Criminal Justice Act 1993, one count of money laundering contrary to s. 327 of the Proceeds of Crime Act 2002 and two counts of encouraging insider dealing contrary to section 52 (2) (a) of the Criminal Justice Act 1993. The FSA has also charged Christina Weckwerth with two counts of insider dealing and one count of money laundering and Jessica Mang with one count of insider dea ...
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The FSA has prohibited Mr Lewis, a sole trader mortgage broker, from performing any function in relation to any regulated financial services activity and imposed a penalty of £106,599 due to his breach of principle 1 of the FSA's principles for business.
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The FSA fined Willis Limited £6,895,000 for inadequate systems and controls to counter the risk of bribery and corruption. Although Willis reviewed and revised its anti-corruption procedures in the relevant period, it failed to implement and monitor to the procedures.
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The FSA fined two former directors of independent financial adviser network Alpha to Omega (UK) Limited for widespread compliance failings leading to the risk of consumers receiving unsuitable investment advice. Mr Ruff was fined £28,000 and prohibited from working in financial services. Mr Lindley was fined £14,000. A 2009 skilled person's report highlighted compliance failings at the company. Although it voluntarily varied its regulatory permissions to stop its appointed representatives recomm ...
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The Upper Tribunal directed the FSA to fine Michiel Visser £2 million and Oluwole Fagbulu £100,000 and ban them both from performing any role in regulated financial services for breaching Principle 1 of the FSA's Statements of Principle for Approved Persons and for engaging in market abuse. Mr Fagbulu's fine was reduced from £350,000 because of the serious financial hardship it would cause. Mr Visser has applied to have the Tribunal's decision set aside. Mr Visser was the CEO and Mr Fagbulu CFO ...
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Where disputes relating to a hedge fund partnership agreement were to be determined by an expert including ostensibly legal matters such as the extent of the expert's jurisdiction different factors to those applicable to arbitration clauses were appropriate. The phrase "jurisdiction of an expert" referred to whether under the contract the expert had a mandate to determine the issue. The scope of the expert's jurisdiction was a matter of law for determination by the court. Where an expert was to ...
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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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