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AIM fines Seymour Pierce £400,000

by Daniel Grote on Dec 22, 2011 at 08:16

AIM fines Seymour Pierce £400,000

AIM has fined investment bank Seymour Pierce £400,000 for breaching the exchange's rules in its work on behalf of two clients.

AIM found that the bank, a nominated adviser on the exchange, had drafted two inaccurate market announcements for one client, failing to alert investors of the difficulties faced by the company, which has now gone into administration.

In another case, Seymour Pierce repeatedly rejected queries from the exchange over the past record of a proposed director of a company seeking admission to AIM. The exchange did not name the client companies involved in the breaches.

Seymour Pierce chief executive Phillip Wale accepted AIM's findings, saying the sanctions were 'appropriate'.

2 comments so far. Why not have your say?

Paul Barnard

Dec 22, 2011 at 08:38

Reminds me of The Simpsons and Seymour Butts

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Dec 22, 2011 at 08:48

All brokers are best ignored, but Seymour Pierce are one of the worst. Only Numis manage to give them a run for their money regards the consistently low quality of their outpourings.

Ignore them all and DYOR.

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