FSA bans broker Graham Betton securities investment E-basic plan
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Betton is Director of the Agency only broker SP Bell with Simon Eagle, which itself has been banned and m ?2 8 fined by the FSA in May this year photo: Peter Payne
Betton is Director of the single agency broker SP Bell with Simon Eagle, which has been banned and fined ￡ 2. 8 m by the FSA in May of this year.
In 2003, Eagle purchased 85pc EIF and acquired Ms Bell to sell the stock of the EIF to its customers, generate demand for the stock and its price.
Betton then asked Ms Bell staff to sell shares of the EIF to customers, of which many were not aware that the shares have been bought and sold on their behalf.
Superior Court (Chancery room and tax), the independent judicial body, said Monday that he was considering the fine it deems appropriate for the actions of Betton and will announce at a later date.
He concluded that it would "be false, harmful at trust markets and, indeed, unthinkable if Betton was allowed to continue operating in the financial services sector".
Margaret Cole, General Manager of the application of the Act and the FSA financial crime said: "This marks the final chapter of a regime that has seen the price of shares of FEII deliberately manipulated at the expense of ordinary investors." Betton was an experienced Director authorized business ASP. ?
Betton could not be reached for comment.
