UK Financial Conduct Authority imposes heavy fines on duo accused of misleading investors, falsifying documents and misusing clients’ funds
The now defunct UK financial spread betting firm Worldspreads, which collapsed under questionable circumstances and with millions missing in 2012 after five years on AIM, was in media reports again this week following a Financial Conduct Authority finding that two of its executives had put forward misleading information when the company listed in 2007, prejudicing investors.
In addition, in 2010 and 2011 the two execs included false information in annual accounts released to the market.
The Authority imposed a fine of GBP105,000 on former Wordspreads financial controller Lukhvir Thind (37) and of GBP11,900 on ex-CFO Niall O’Kelly (47) for misleading investors, falsifying documents and misusing clients’ money.
A spokesman for the Authority noted that the punishments could have been far higher had the duo not cooperated with the FCA investigation, and that the punishment includes a ban on the two men from working in the financial services industry.