FCA Censures Ex-Spreadbetting Chief For Misconduct

Law360, London (September 9, 2020, 1:45 PM BST) -- The City regulator said on Wednesday that it has publicly censured the former chief executive of collapsed spread-betting company Worldspreads for market manipulation and banned him from working with any regulated finance companies.

The Financial Conduct Authority initially imposed a fine of £658,900 ($851,987) on Conor Foley in July. But the regulator said it has replaced that punishment with a censure after Foley complained of having severe financial difficulties.

Foley published misleading information and left out important facts when he floated WorldSpreads Ltd., and its holding company WorldSpreads Group PLC, on the Alternative Investment Market of the London Stock Exchange in August...

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