The former chief executive of London-based financial advice firm Shard Capital Partners has been fined £120,300 by the Financial Conduct Authority (FCA) and banned.
In a final notice issued today (7 May), the regulator said James Lewis "put the market and investors at risk" on two separate occasions when he provided incorrect information about clients' cash. "Between June 2015 and May 2017, Lewis told auditors that Shard held hundreds of millions in cash for a particular client," the FCA stated. "In fact, these sums were debts owed by another client in the same group." Several years later, Lewis again provided misleading information to another client. This client was informed that Shard "held substantial sums on its behalf" when in fact their ca...
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