Ex-Cattles FDs banned over market abuse

The Financial Services Authority (FSA) has fined and banned three former directors of Cattles and its subsidiary Welcome Financial Services for publishing misleading information to investors about the credit quality of Welcome’s loan book.

The sub-prime lender directors acted “without integrity in discharging their responsibilities” and now face a total fine of £700,000.

James Corr, Cattles’ FD and ICAEW member, and Welcome FD Peter Miller have been fined £400,000 and £200,000 respectively. Both have been banned from performing any functions in relation to any FSA regulated activities.

Continued...

» Register now

The full article is available to registered AccountingWEB members only. To read the rest of this article you’ll need to login or register.

Registration is FREE and allows you to view all content, ask questions, comment and much more.

Comments
johnjenkins's picture

See what happens

johnjenkins | | Permalink

when you use the "simplified" cash accounting method

I never believed in karma

jemetpl | | Permalink

I never believed in karma until I read this.  I hope the FSA appoint suitably vicious debt collectors to get the fines.