FCA Bans Financial Adviser After £2.3M Fraud

Law360, London (September 22, 2020, 6:13 PM BST) -- A financial adviser who misled people over investing and displayed a high level of recklessness in a fraudulent scheme has been banned from doing regulated financial work, the Financial Conduct Authority has said.

Simon Charles Oakley, who was involved in promoting two fraudulent investment schemes between September 2010 and October 2012 in which the total amount invested and lost was over £2.3 million ($3 million), had pled guilty to making misleading or deceptive statements and was sentenced to prison for 30 months in November 2017, the regulator said in a notice published Monday.

The FCA did not publish the name of his firm,...

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