'Reckless' stockbroker drops appeal against FSA ban

George Leavey, who ran now-liquidated First Colonial Investments (FCI), an appointed representative of Direct Sharedeal, had referred the regulator's decision to the Upper Tribunal but, following settlement discussions with the FSA, has withdrawn the reference. Between September 2007 and April 2009, Leavey had carried out a significant influence function at FCI without FSA approval, failed to segregate client money from that of the business, and allowed the company to sell shares - usually via its over-the-phone ‘sales advisers' - that may have been unsuitable and sometimes were never ev...