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FSA bans adviser jailed for stealing £1m from clients

FSA Front Door 480

The FSA has banned an adviser who was jailed for stealing more than £1m from his clients.

Derbyshire-based IFA Malcolm Green was jailed for five and a half years in February after admitting 42 counts of fraud, false accounting and obtaining money transfers by deception.

Green worked for MG Financial and Insurance Services.

A final notice published by the regulator last week says: “The FSA has concluded, on the basis of the facts and matters and conclusions described in the Warning Notice issued to Malcolm Green on 20 August 2012, and in the Decision Notice, that Malcolm Green is not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity.”

Green handed himself in to police in March 2011 after targeting 38 victims over 20 years.

He issued clients with false bond certificates in an attempt to make their investments look genuine.

FSC Investment Services managing director Frank Cochran says: “I think this is a very sad case. At the end of the day advisers are in a position where they should be looking after their clients and doing the best by them. This kind of thing really does ruin the reputation of the industry for the majority of advisers who are doing a good job.”


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