The regulator has banned a financial adviser from carrying out any regulated activities after he was jailed for promoting two fraudulent investment schemes where investors lost more than £2.3m.
According to a final notice handed down by the Financial Conduct Authority, Simon Oakley was an authorised adviser between August 2009 and May 2018.
But in October 2017, Mr Oakley pleaded guilty to two counts of making misleading, false or deceptive statements after he was involved in promoting two fraudulent investment schemes where the total amount invested and lost was over £2.3m and 21 investors were involved
Sentencing him to 30 months in prison in November 2017, Judge Kearl said Mr Oakley was highly reckless when promoting the first scheme and was at an “even higher level” when it came to the second.
Judge Kearl said: “Mr Oakley personally sold the schemes and ignored all of the red flags, repeatedly assuring investors that the schemes were working when he knew that they were not; and the financial consequences to others had been devastating and his conduct had undermined confidence in the markets.”
Due to this the FCA concluded Mr Oakley was not a “fit and proper person to perform any function in relation to any regulated activity” and that “his conviction demonstrates a clear and serious lack of integrity such that he is not fit and proper to perform regulated activities”.
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