A mortgage adviser has been banned by the regulator for swindling thousands of pounds from clients to pay off debts and then failing to pay the monies back.
The High Court ruled against approved person Rienzie Albert Joseph Asoka Silva on 22 June 2010, after finding he had breached fiduciary duty by paying a mortgage deposit into another defendant's bank account.
It ordered the broker, from Abbey Brokers Ltd, to pay back £1,459,443 plus interest and £265,000 in costs on 22 June and 29 July 2010, with just £49,486 returned to the claimants so far.
The FSA said the broker is not "a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity".
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