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.