The Financial Conduct Authority (FCA) has banned and fined two former Worldspreads (WSL) employees £117,000 for engaging in market abuse.
The regulator fined former chief financial officer Niall O'Kelly £11,900, and former financial controller Lukhvir Thind £105,000 and banned them from performing any function related to a regulated activity. Between 2007 and 2012, the duo misled investors about the financial state of the spread betting business, which ultimately led to its collapse in 2012, the FCA said. WSL's holding company Worldspreads Group (WSG) floated on the Alternative Investment Market of the London Stock Exchange in August 2007. O'Kelly was closely involved in drafting and approving the admission documenta...
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