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Written by rosalind renshaw

The FSA has banned John White, a former Seymour Pierce employee, from working in financial services for committing fraud involving client and company money.
 
Between 2001 and 2006, White stole a total of £152,372 from his then employer and a number of its private clients in 37 separate transactions, and hid £145,000 in a dormant account that had been paid to Seymour Pierce in error.

In one instance, White even transferred a personal trading loss into a Seymour Pierce account and also stole trading profits, dealing commission and credit interest belonging to his employer.

White was settlements manager at Seymour Pierce, and was responsible for entering details of executed trades on to the system. His role also entailed making changes to data on client accounts.

Last year the FSA fined Seymour Pierce £154,000 for failing to establish effective controls to prevent an employee committing fraud. Yesterday, the FSA confirmed that White was that employee.

Seymour Pierce has returned money and assets to clients who were victims of White’s fraudulent activities.

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