On May 25, the UK Financial Services Authority (FSA) announced that it had prohibited John White, a former employee of Seymour Pierce Limited, from working in financial services for committing fraud.

As reported in the October 16, 2009, edition of Corporate and Financial Weekly Digest, the FSA fined Seymour Pierce £154,000 (approximately $222,000) for failing to establish effective controls to prevent an employee committing fraud; Mr. White was that employee.

FSA Director of Enforcement and Financial Crime Margaret Cole said: “We expect people who work in the financial services industry to behave with honesty and integrity, yet White’s conduct was anything but. As this case demonstrates, we are committed to deterring behaviour of this kind by punishing anyone found to have committed such misconduct.”

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