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Financial adviser banned and fined £300,000 after clients lost out investing in

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  • Financial adviser banned and fined £300,000 after clients lost out investing in

    The FCA has concluded that Carron lacks honesty and integrity, fined him £300,000 and banned him from performing any function related to regulated activities in financial services.

    Between 2004 and 2010, Peter Carron, formerly a senior partner at St James’s Place Wealth Management Plc (St James’s Place), advised 11 clients to invest a total of £2.4m in three companies of which he was director and majority shareholder without adequately disclosing this fact to them. The clients later lost approximately £2.2m when the companies went into liquidation between May and August 2010. St James’s Place subsequently paid these 11 investors £1.9m in compensation.

    http://www.fca.org.uk/news/financial...d-fined-300000
    Last edited by Amethyst; 16th September 2014, 09:47:AM.
    Tags: None

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