Darren Newton banned by the FCA for misappropriating client money

[Legal Beagles]

The Financial Conduct Authority (FCA) has today published a Decision Notice, which sets out its decision to ban Darren Lee Newton from working in any regulated activity in the financial services sector.

https://www.fca.org.uk/news/press-re...g-client-money

[Amethyst]

So bloody slow.

[Amethyst]

The FCA’s case is that Mr Newton purchased First Step, through his company, from Christine Whitehurst and, between 18 October 2013 and 28 May 2014, was the sole director of First Step and a director of another debt management company, Debt Help and Advice Limited. Mr Newton funded the purchase of First Step from the accounts of First Step, with client money, rather than his own funds. He directed or allowed £322,500 to be transferred from the First Step accounts to Mrs Whitehurst. Mrs Whitehurst and her husband, Adrian Whitehurst, were banned by the FCA in October 2017 for dishonestly misappropriating money from First Step.