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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.

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Michael Spencer, the founder multi-millionaire ICAP is the principal funder of the Exotix. Photo: Geoff Pugh

Exotix is in talks with several potential partners, including banks and equity companies on a mooring that could see it sells a stake in the company of an agreement to give the broker access to more funds.

Michael Spencer, the founder multi-millionaire broker broker ICAP is also principal of the Exotix, with a stake in the company by its vehicle investment IPGL.ICAP 1pc 43 separately has a game with other 37pc 9pc 19 shares held by the direction of Exotix.

A joint venture agreement should be signed at the beginning of next year and could be structured along the lines of agreements as between the Bank and broker Cazenove Queen us JP Morgan.

"Exotix offers a potential partner a first look at what some of these stories of exciting growth for the coming years will be", said a source of knowledge of the discussions.

Exotix specialises in obtaining investors access to countries where conventional financing companies bother rarely venturing as the Iraq, Cuba and North Korea.

Private placements which companies sell actions for themselves directly to investors without using the stock market, became one of the specialities of the company he has helped businesses ranging from telecommunications Turkish cement Iraqi groups decision makers raise money.

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