The FCA has banned the director of an advice firm after he transferred over £2m of clients’ funds into inappropriate investments.
The regulator says Quintillion Asset Management director Simon Silva-Peake also caused or allowed a further £659,270 of client money to be misappropriated.
Money Marketing first flagged investor concerns about Quintillion in March 2013.
Silva-Peake has not been fined.
Carlisle-based discretionary and advice firm Quintillion had its permissions cancelled by the FSA in July 2012 for unpaid regulatory fees and went into liquidation a month later.
Senior management at Quintillion set up a Ucis fund in 2009, called the Kratos fund, to invest in intellectual property rights. It claimed to target annual returns of 35 per cent.
In August 2014 the Insolvency Service disqualified Silva-Peake from acting as a director for 11 years.
Quintillion managing director Anton Taylor was also banned for 11 years while his father, also a director at Quintillion and group finance director at Kratos, was banned for six years.
The Financial Services Compensation Scheme declared Quintillion in default in April 2014.
The FCA says: “The FCA has concluded that Silva-Peake is not a fit and proper person to perform any functions as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation.”