Forex Agents Banned For Misusing £8M Of Client Cash

Law360, London (October 5, 2020, 3:12 PM BST) -- Two foreign exchange agents have been banned from running a company for a total of 24 years after they misappropriated over £8 million ($10 million) of client money to pay back previous customers instead of investing the cash in trades, a government agency said Monday.

The Secretary of State for Business, Energy and Industrial Strategy disqualified Peter Roebuck and Francis Tarling from acting as directors of a company for 12 years each, the Insolvency Service said. The fraudsters accepted disqualification undertakings, which do not involve court proceedings, after investigators found that they used at least £8.4 million of client funds to...

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