Successful defence of broker before the RDC of the FCA concerning wash trades

Blake Morgan white-collar crime and investigations specialist Mark Jones has successfully defended a broker from an attempt to impose a lifetime Prohibition Order, which would have ended the broker’s career.

Legal Director Mark’s client faced allegations of wash trading and being involved in LIBOR manipulation.

Financial Conduct Authority (FCA) Enforcement conducted a lengthy investigation and issued a Warning Notice setting out their intent to seek a Prohibition Order and pursued the matter rigorously. This was then followed by detailed submissions being made by Mark to the Regulatory Decisions Committee (RDC). He presented a compelling case that the Regulator should take no action against his client.

As a result of the case presented by our legal expert, the Enforcement team’s application for a Prohibition Order failed and our client was proved to be a fit and proper person. A long period of time lapsed between the allegations emerging and their successful defence, during which our client continued to work in the financial services industry, demonstrating that they were a fit and proper person and that their work has been exemplary since the allegations were made.

This successful defence was a significant success, set against a background of other traders and brokers being banned in respect of similar conduct.

If you are facing investigation or prosecution by the FCA, including wash trading, we have the expertise and experience to defend professionals. Contact white-collar crime expert Mark Jones for legal advice.