Semperian pleaded guilty to an offence under s. 191 (3) of FSMA 2000 by acquiring an authorised firm before it had received the necessary approval of the FSA. The firm was fined £1,000 on the basis that it had taken a calculated risk.
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The FSA fined the chief executive of Genel Enerji £967,005 and its chief commercial officer and exploration manager £105,240 and £94,062 respectively for market abuse following trades made after discovery of drilling results in a joint venture agreement before these results were made known to the wider public. The fine against Mr Sepil is the largest ever fine imposed by the FSA against an individual for market abuse.
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The FSA fined a stock broking firm £101,500 after its appointed representative, First Colonial Investments LLP, used misleading sales pitches which failed to set out the inherent risks of buying penny shares.
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The FSA banned a senior hedge fund manager from working and fined him £140,000 for inflating the value of his positions by pasting false figures over legitimate brokers’ quotes. The fine represented a reduction for early settlement and mitigating factors including personal problems.
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The FSA banned a mortgage intermediary for knowingly submitting mortgage applications to lenders that contained false and misleading income information.
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The FSA banned a mortgage broker for lacking the integrity and competence to prevent his business being targeted by mortgage fraudsters.
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The FSA banned the director of a mortgage and general insurance firm from holding senior positions in the financial services industry after his failure to comply with client money rules resulted in the loss of approximately £85,000 of his customers’ money.
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The FSA censured Wills & Co for poor sales practices and not monitoring its advisers properly despite a fine and a previous requirement to take remedial action and for failing to handle customer complaints properly. The FSA would have fined Wills & Co £1,500,000 had it not been in the process of winding down its business.
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The FSA fined Standard Life Assurance Limited £2.45 m for serious systems and controls failings that resulted in the production of misleading marketing material for its Pension Sterling Fund and subsequent failure to carry out a prompt and full investigation of concerns arising out of the marketing material. The marketing material referred to the fund being wholly invested in cash when the majority was invested at the relevant times in Floating Rate Notes leading to customers not being told as t ...
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A hedge fund sought to enforce in the English courts a judgment against Argentina in the US Courts in respect of Argentine sovereign debt. Permission to serve out of the jurisdiction had been obtained wrongly on the assertion that Argentina had submitted to the English jurisdiction. In those circumstances even though there may have been a basis for granting permission to serve out, the Court had no discretion to correct that error subsequently. The terms of the State Immunity Act precluded the c ...
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