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FCA wins battle to ban convicted adviser

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The FCA has succeeded in throwing out an adviser’s appeal against his ban.

IFA Anthony Badaloo, a sole trader through Church Hill Finance, had permission to conduct both investment and home finance business. He also had interim permissions for consumer credit business.

The dispute with the FCA centred around how Badaloo ensured his client, financial and compliance records were maintained as Kleinwort Benson, a wealth management and private banking firm, attempted to repossess his principal place of business and removed the contents to storage.

Badaloo was arrested, charged and then convicted on trespass and criminal damage charges after attempting to re-enter the premises, alleging they had been taken possession of illegally and fraudulently.

The FCA argued Badaloo could not show he had adequate back-ups of his records, and, because of his criminal convictions and failure to respond to requests for information, the FCA was not satisfied that he could meet the standard required of a regulated individual.

It banned Badaloo on 12 October last year, and Badaloo appealed the decision.

Earlier this month, Money Marketing reported on a hearing in which the FCA argued for the appeal to be struck out because it had no reasonable chance of success, and that Badaloo’s lack of co-operation meant the Upper Tribunal could not make a fair and just judgment.

The FCA also argued Badaloo was trying to relitigate the events that led to his conviction to overturn it.

A ruling handed down by Upper Tribunal Judge Roger Berner has now been published striking out the case.

Berner says:  “Were there any reasonable prospect that Mr Badaloo might come forward with a case of substance in order to support his reference and properly dispute the matters raised by the Authority’s statement of case, I would have taken further steps to facilitate such a case.

“But, having considered all the material before the Tribunal and the submissions made by Mr Badaloo to me, and having myself made efforts at the hearing to encourage Mr Badaloo to engage with the substantive issues, I have come to the clear conclusion that such a course is not open to the Tribunal.

“There is, in my judgment, no possibility that Mr Badaloo will be able to make such a case however much indulgence is afforded to him.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Anthony Badaloo 8th May 2017 at 6:17 pm

    Money Marketing Editors continue to publish without any shred of fact checking. To date, I can assure the British and international Public, that the Upper Tribunal at the High Court, has not issued any order against me, and Money Marketing is knowingly concealing the fact that all references they make to a “SEALED COURT ORDER” cannot be justified, by having a verified copy of this public purported “COURT ORDER”.
    My journey in the battle against Court Order Scams, used to steal assets, have uncovered a scam of pandemic scale, and Financial Advisers are well set to establish a compensation business, for when we break through, which I believe we have done, as per http://bit.ly/MortFrauds999.
    Please sign and share the petition against Court Order Scams against your clients, friends and your Family http://bit.ly/SolsCharged

  2. Anthony Badaloo 10th May 2017 at 12:53 am

    You could never make it up. This is only the tip of the Iceberg. We have been telling you, Court Order Scam is the biggest business opportunity for the criminal cartel controlling the British Courts.
    From forensics, to Court Fee Fraud, to Unsealed “ORDERS”, to deception, to backhanders. All repossessions, Bankruptcies and Child cases need reviewing for Court Fraud and compensation.
    Sign and share the petition against Court Order Scams http://bit.ly/TamperFraud

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