Law360, New York (December 20, 2012, 4:12 PM ET) -- The U.K. Financial Services Authority on Thursday censured Gracechurch Investments Ltd. for allegedly pressuring clients to buy risky stocks that caused at least £2 million ($3.25 million) in losses, and banned the defunct brokerage’s CEO from the financial industry.
The FSA also fined the CEO, Sam Thomas Kenny, about $730,000. It said it would have fined Gracechurch $2.4 million had the firm not been insolvent, in liquidation and lacking assets. In addition, the FSA banned former Gracechurch compliance officer Carl Peter Davey and said it would have...
UK Censures Gracechurch Over Stock-Hawking Tactics
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