FSA bans broker for 'dishonesty'

The regulator has fined Mohammed Suba Miah £21,000 for selling high risk shares to customers without their consent and deliberately misleading clients by not explaining the risks the shares involve. Miah had behaved dishonestly in 11 transactions out of 19 between December 2005 and May 2006 by recording customers’ purchases of high risk shares without their permission. The FSA says customers would only have become aware of the trades when they received demand for payment. Miah also made inaccurate and misleading claims about the shares’ performance and value. The FSA says it cons...