View more on these topics

Ex-IFA pleads guilty to 42 offences in £1m fraud case

A Derbyshire-based former IFA has pleaded guilty to 42 separate offences including fraud, deception and false accounting from which he made profits of more than £1m.

The Grantham journal reports Malcolm Green of MG Financial and Insurance Services, 57, pleaded guilty at North East Derbyshire and Dales Magistrates Court to 19 counts of fraud by abuse of position, 20 counts of obtaining a money transfer by deception and three counts of false accounting.

Having been charged with 44 offences, Green entered no plea to two other counts of fraud which were withdrawn but could be reinstated at a later date.

Prosecutor Bill Taylor told the court how 37 of Green’s clients had been identified as victims with 34 making formal complaints against him.

Green took clients’ money and told them it would be invested in such companies as Prudential, Scottish Mutual and Standard Life but when getting into financial difficulty he began forging documents to keep the business going.

He made profits of more than £1m from the fraud through offences dating back to 1992. He will appear at Derby Crown Court on February 24 after being granted unconditional bail.

Recommended

Punter Southall acquires PSigma Asset Management

Punter Southall Group has taken 100 per cent ownership of joint venture PSigma Asset Management. The fund management boutique was formed with founder partners taking a 50 per cent stake and Punter Southall Group owning 50%. The move sees Bill Mott and Ian Chimes take significant stakes in Punter Southall. According to PSigma, there will […]

FSA appoints investment banking senior adviser

The FSA has appointed Lazard & Co vice chairman Will Samuel as an investment banking senior adviser to the regulator. Samuel qualified as a chartered accountant and began his career at Coopers & Lybrand, before working in a number of senior positions at Citigroup, formerly Schroders plc and Schroders Salomon Smith Barney. He starts at […]

Single point for credit

Consumer credit regulation is to be transferred from the Office of Fair Trading to the Financial Conduct Authority. The move has been written into the guidance published last week, subject to further consultation and an impact assessment. It says: “The Government believes fundamental change is necessary to ensure regulation is able to keep up with […]

Greenlight fined for market abuse

The FSA has fined US hedge fund Greenlight Capital, owner David Einhorn and trader and compliance officer Alexander Ten-Holter a total of £7.4m for market abuse. JP Morgan Cazenove trading desk director Caspar Agnew was also fined £65,000 for failing to identify and act on a suspicious order from Greenlight. On June 9, 2009, a […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators Award Team 31st January 2012 at 9:51 am

    I think this man is fit to be the CEO of the FSA!

  2. I think it is without doubt that such a comment as “Incompetent Regulators Award Team” made at 09:51 am today is out of order and extremely defamatory implying that such a dishonest numpty as this IFA surely is could be considered a suitable candidate for CEO of the FSA

    This sort of unhelpful and idiotic comment is neither called for nor has any place on these blogs, if you cannot put forward a sensible comment, please refrain from such insulting and malicious statements.

    I am not and never have been a fan of the FSA and its mandarins, but this is ill considered comment and stupid.

    We need men and women of integrity, honesty and imbued with a high degree of common sense, not dishonest individuals who sully us all by association.

    I Hope he goes down for a long time and has all his assets sequestered so that we, the honest majority, do not have to pay out yet more in FSCS levies because of his dishonesty.

  3. I agree wholeheartedly with Ned Naylor’s comments. However, I would bet a few quid that this criminal could have passed a tick box ethics exam. I doubt that the study of the syllabus would have steered him on the straight and narrow either. I hope he goes down for a long, long time.

  4. Ancient Wisdom...is a IFA in N3 31st January 2012 at 3:18 pm

    how could he have gone undetected for so long?….because FSA want to punish the honest small one man band – that seems to be where their focus is.

    Bang him up abroad.

  5. Incompetent Regulators Award Team 31st January 2012 at 6:54 pm

    @ Ned

    Oi, brain of britain, who did the most damage financially? The IFA of Hector Pants and his team?

    Being righteous is of no help, you just need to grow up and get off your high horse. Most people wouldn’t take that comment too seriously.

    Ha bloody ha!

  6. Children come along play nicely now.

  7. All is not well in ‘Hectors House’.

    “I’ve been a silly old Hector” For those that are old enough to remember that.

  8. Incompetent Regulators Awards Team 1st February 2012 at 11:31 am

    With the tone of most posts nowadays, it is clear that most people who understand our industry now realise it’s all a big joke. Lunatics in charge of the assylum. It’s just in recent times it’s being aknowledged.

Leave a comment