The FSA has fined an Oxfordshire businessman £35,000 for falsely claiming to be authorised, marking the first enforcement case of its kind in the regulator's history.
Mayson Shanti of Marcham, Abingdon has been fined by Didcot Magistrate's Court after the FSA ruled that he had falsely claimed his company, Chase Capital Finance Limited, was authorised by the regulator. Chase Capital - which is no longer trading - was found guilty of placing advertisements in the BT telephone directory and Yellow Pages, falsely stating that it was authorised by the FSA to carry out regulated financial services. The firm was also fined £1,000 for the offence by Didcot Magistrate's Court. "By lying that his company was authorised, Mr Shanti undermined the FSA's process for...
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