Former Barclays Wealth CEO Thomas Llewellyn Kalaris was acquitted of fraud charges in 2020, but he has nevertheless been barred from serving as CEO or executive director of his wealth management business Saranac Partners. Here's why.
The Upper Tribunal (Tax and Chancery Chamber) on Tuesday (27 August) upheld a Financial Conduct Authority (FCA) ban preventing Kalaris from performing chief executive and executive director senior manager functions at Saranac, which he founded in 2015. Kalaris was in 2020 acquitted of fraud charges brought following a Serious Fraud Office (SFO) investigation into Barclays. That same year, he sought to be made CEO and executive director at Saranac. However, the FCA moved to prevent this. A 2022 decision had been subject to appeal until earlier this week. The FCA's argument for banning ...
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