A decision by the regulator to ban the former CEO of a stockbroking firm from the industry and fine him £450,000 for giving unsuitable advice and high-pressure mis-selling, has been upheld.
Sam Kenny was chief executive of Gracechurch Investments, a stockbroking firm that is now dissolved. The Financial Conduct Authority (FCA) found he led Gracechurch when it routinely mis-sold small-cap stocks through pressure, misrepresentation and unsuitable advice. Kenny used pressure selling techniques himself, the regulator said. He also withheld from the regulator a non-compliant sales call recording it had requested, deliberately caused Gracechurch's lawyers to provide the regulator false dates of meetings of a particular Gracechurch committee and misled the regulator about ho...
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