Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM), has been fined £489,000 and banned from working in financial services by the FCA.
The former managing director of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA.
During his time at BHAM, the FCA says Taylor made misleading statements and falsified information during two separate attempted acquisitions.
While attempting to acquire a UK bank, he falsified, or arranged to be falsified, documents claiming to be the owner of a bond portfolio worth approximately €200m.
Toni knowingly assisted Taylor by making misleading statements to the bank and by helping falsify the documents. The pair were aware that these statements and documents would be relied upon by the FCA and PRA as part of their assessment for the proposed acquisition.
Toni was interviewed as part of BHAM’s internal investigation into the events. During the investigation, she denied providing misleading statements and the creation of false documents.
On a separate occasion, Taylor tried to acquire Reading Football Club and made misleading statements, again falsely claiming to own the €200m bond portfolio to make the acquisition.
The FCA found that the duo acted dishonestly over an extended period and their actions were intended to mislead BHAM colleagues, counterparties and regulators.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Trust in financial services relies on those working in it to be honest. Mr Taylor and Ms Toni fell woefully short of even this minimum expectation. They lied and lied again, first for commercial gain and then to cover their backs. They have no place in our industry."
