Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FCA bans and fines adviser for ‘dishonest’ fund promotion

FCA bans and fines adviser for ‘dishonest’ fund promotion

The Financial Conduct Authority (FCA) has fined and banned a former director of Burlington Associates over the ‘dishonest’ promotion of failed property investments.

Craig Cameron was a director of London-based financial advisory firm Burlington who in 2005 was involved in the creation of three unregulated collective investment schemes (Ucis), focused on new property developments in Croatia, Bulgaria and Montenegro.

These funds were promoted to thousands of retail investors, without adequate checks being made to ensure the investors were eligible for these investments. Over 800 consumers invested around £30 million in the three funds, which subsequently failed.

‘Cameron deliberately flouted regulatory requirements, which were designed to safeguard retail investors, in favour of selling high risk Ucis for potentially lucrative gains,’ said Tracey McDermott (pictured), the FCA’s director of enforcement and financial crime.

‘The Ucis have failed and the investors, many of whom should never have been exposed to these high risk investments in the first place, have paid a heavy price for his actions.’

The regulator has fined Cameron £350,000 and banned him from any involvement in FCA authorised firms, stating that he lacked honesty and integrity in relation to the promotion of the funds.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter