A hedge fund manager has been prohibited and fined £140,000 for deliberately altering documents to uplift valuations and support mis-marked positions in portfolios managed by him and providing misleading information in FSA interviews in breach of Statement of Principle 1.
View FSA bans hedge fund manager and fines him £140,000 for ‘mis-marking, 3 February 2010
View Final notice - Simon Treacher, 3 February 2010
A stockbroking firm has been censured for failures by its appointed representative in the way it treated customers. The fine would have been £240,000 were it not for the fact that the firm undertook to cease selling investments to clients and is in administration. The misconduct of the appointed representative included failing to obtain sufficient information from clients, failing to disclose all commissions and charges, failing to give adequate risk warnings, pressurising clients and failing to ensure the effective operation of its remuneration and rewards system. As a result the firm had breached Principles 9, 7, 6 and 3.
View Falcon Securities (UK) Limited, 29 January 2010
A mortgage broker has been prohibited for submitting false mortgage applications to lenders and paying an accountant to provide false statements for himself and at least one customer. His representations that such action against him was no longer relevant or appropriate given that his firm had submitted an application to cancel its Part IV permission were rejected on the basis that, due to the seriousness of his misconduct, he presented a serious risk to the FSA’s statutory objectives.
View Andrew Emelife, 20 Janaury 2010