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FCA Bans Debt Firm Boss For Misusing £7M In Client Funds

Law360, London (December 20, 2018, 6:27 PM GMT) -- The Financial Conduct Authority confirmed Thursday it has banned the former boss of a collapsed debt management company from working in the financial services sector over his role in misappropriating client cash that resulted in over 4,000 customers losing more than £7 million ($8.9 million).

Darren Newton had been barred in May from working in any regulated activity after the City watchdog found he acted with a "serious lack of honesty and integrity" when he used customers’ cash to buy a debt management firm, First Step Finance Ltd., in 2013.

However, Newton appealed the ruling in April and the case was...

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