The Financial Conduct Authority (FCA) has banned a former IFA who was jailed for defrauding clients of £3 million.
In December 2014, Alok Dhanda, who was director of Newcastle-based Dhanda Financial, was jailed for five years and eight months for admitting to 37 counts of fraud over a seven year period.
He was released from HMP Kirklevington Grange on 13 February 2017.
Yesterday, the FCA issued a final decision notice, stating: 'The Authority has concluded, on the basis of the facts and matters and conclusions described in the warning notice, and in the decision notice, that Dhanda is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm, as his conduct demonstrated a serious lack of honesty and integrity.'
Between 2007 and 2014, Dhanda obtained £2.9 million from 41 friends and clients promising to invest money in an Indian property scheme. Instead he used some of this money to pay off debts of over £1 million.