The FSA has banned a mortgage broker from carrying out any regulated activities for taking £1.5m from his clients’ accounts.
In a final notice, the FSA said Rienzie Silva had transferred two clients’ money into another account to keep for himself.
The High Court ruled against Silva on June 22, 2010.
In July, further to the High Court’s judgement, Silva and another defendant were ordered to pay the claimants £1,459,443 plus interest and £265,000 in costs. To date, only £49,486 has been paid.
The FSA said Silva demonstrated a lack of “honesty and integrity”.
The notice says: “Your misconduct goes directly to impugn your honesty, integrity and reputation and therefore demonstrates that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”