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'Reckless' stockbroking boss drops fight against FSA ban
Markets
by Daniel Grote on Mar 04, 2013 at 08:12
Stockbroker George Leavey has dropped his fight against a Financial Services Authority ban over his 'reckless misconduct'.
Leavey, managing partner at stockbrokers First Colonial Investments, had referred the planned ban, which the FSA announced in May last year, to the Upper Tribunal.
But after settlement talks with the regulator, he withdrew the application. The FSA has now enforced the ban.
Leavey was accused of carrying out a significant influence function without FSA approval, failing to oversee the segregation and protection of client money and approving misleading financial promotions.
The FSA said: 'Your actions, as set out in this notice, do not demonstrate dishonesty. However, they do demonstrate recklessness, and therefore a lack of integrity. The FSA has not made any findings as to whether you acted fraudulently.'
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1 comment so far. Why not have your say?
Doug Sammons
Mar 04, 2013 at 18:07
Never heard of First Colonial.
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