South Glamorgan-based former IFA David Wood has been banned by the Financial Services Authority after he was convicted earlier this year of a number of fraud, theft and forgery offences.
In a final notice published on the regulator’s website, the FSA confirmed it had prohibited Mr Wood from “any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm”.
On 6 May 2011, Mr Wood was convicted of 54 counts of financial crime offences, later being convicted of a further three offences on 27 May 2011. He was sentenced, also on 27 May 2011, to a total of seven years imprisonment.
Mr Wood’s convictions relate to fraud, theft and forgery allegations dating from 1999 to 2000. The offences are thought to have been committed while he was employed by Courts Independent Financial Management, Thinc Group, Binary Independent Financial Advisors and Binary Financial Services.
The allegations relate to investments Mr Wood made on behalf of his clients, with reports at the time of his arrest suggesting that the capital involved could be a seven figure sum.
Mr Wood, who ceased to be authorised by the FSA in April 2010, was arrested in May 2010.
The FSA said that Mr Wood has not referred the final notice to the Upper Tribunal.