Boiler room fine upheld in 'blindingly obvious' case

The Financial Services and Markets Tribunal upheld an FSA decision to permanently ban Andrew Greystoke from working in any capacity in financial services, and fine the company where he was a senior partner, Atlantic Law, a total of £400,000. Greystoke recklessly signed off Atlantic Law's approval of 50 UK investment advertisements, between December 2005 and March 2007, issued by four unregulated Spanish stockbroking firms, the FSA found. He failed to ensure the advertisements were clear, fair and not misleading, despite doubting the Spanish firms would deal with UK consumers in an hon...