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Mr. Benstead criminality is likely to raise questions about the role of the Financial Services Authority, the failure of state changes.

Although the company wasn't FSA regulated, it has been saved to the FSA by its holding company, owned by the Crown, something that was displayed prominently on our Web site.

According to administrators RCM, the FSA is now that he did not regulate the State she worked as a small institution payment currency.

However, one of the conditions for operating an SPI is that no individual, management of the business has been convicted of offences relating to money laundering of terrorist financing or other financial crimes.

Both Mr. Benstead and, more recently, his son-in-law and former State employee motto, Roderick Schmidt, were sentenced in financial crimes.

Mr. Schmidt was sentenced to 21 months in prison in may for stealing and 55,000 ￡ of charity which he worked .c ' is not clear if he worked for the currency of the State at the same time step.

Offence can be traced back Mr. Benstead, 1980, while he was a Director of a company called Max Glen.Lui and his business partner, were charged with flight "pimping execution of valuable coverage by deception."

Security was a letter of credit of ￡ 90 000 to be used to provide 10 000 cartridges whisky Johnnie Walker Black Label.échec M. Benstead calling.

An action group led by Joanne Struyk, on behalf of the creditor, in the currency of the State appealed to the FSA to take more responsibility for the collapse of the company.

"I don't understand the FSA perspective if they were not responsible for the company why let them put their logo on its web page?", she asked.

Banking company, Barclays, who suspected that company was experiencing financial difficulties four months before he does it administration, has also been under the spotlight on the potential liability of the collapse.

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