The Financial Conduct Authority (FCA) has issued a prohibition order against a financial adviser currently serving prison time for six counts of fraud.
The regulator said in its final notice that York-based adviser Michael Bains was banned from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.
It said in its notice it had concluded that "Bains is not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity, and that he poses a significant risk to consumers".
Bains is currently serving 18 months at HMP Northallerton for six fraud offences he committed between 6 April 2009 and 18 March 2012, for which he pleaded guilty at York Crown Court on 5 July last year.
The court heard that Bains had turned to clients persuading them to invest in private deals for non-existent property development and investment schemes.
North Yorkshire Police found that Bains had used the money to fund repayments to other investors as well as his gambling habit and expenditure on female escorts he had met via internet sites.
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Invested from 2006-2011