UK Censures Gracechurch Over Stock-Hawking Tactics

Law360, New York (December 20, 2012, 4:12 PM EST) -- 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...
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