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Firm banned and fined over scheme that risked £10m

The FSA has banned and fined the directors of a Yorkshire adviser firm for running an investment scheme that risked nearly £10m of investors’ money.

Neil Marlow and his son Timothy, of the Bridford Group from Skipton, solicited 53 people into an investment scheme that promised 6 per cent returns.

The FSA says the Marlows did not properly consider whether the scheme could work or investigate the unnamed “businessmen” who introduced the advisers to the scheme.

The FSA found that the Marlows, once they were made aware of the illegitimacy of the scheme, had to make unauthorised transfers of investors’ funds between bank accounts in an attempt to generate promised returns. The FSA says 53 customers invested £9,452,000 into the scheme.

The FSA has fined Neil Marlow £38,383 and Timothy Marlow £31,838. The FSA has also fined City Gate, a Glasgow-based group of which Bridford was an appointed rep, £42,000 for not having appropriate controls in place.

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