FSA has banned George Leavey, managing partner of First Colonial Investments LLP, an appointed representative, for showing a serious lack of integrity for a period of just over two years. His failings included:
- directing the firm’s business without approval to hold a controlled function;
- allowing the firm to jeopardise its clients’ monies by placing the funds in its own and another company’s bank account;
- allowing the firm to sell shares in the knowledge there was a risk of non-delivery;
- sending out unfair, unclear and misleading marketing materials; and
- letting the firm carry on regulated activities after it ceased to be an appointed representative.
(Source: FSA Bans Managing Partner)