BUD BURRELL'S ATTORNEY FINED $591,000 IN BOILER ROOM SCAM. PRIVATE TRADING SYSTEMS ATTORNEY HELPED OUT SPANISH BOILER ROOMS
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May 13 (Bloomberg) -- The founding partner of a London law firm will be fined 400,000 pounds ($591,000) for aiding a multimillion-pound illegal share scam, Britain’s Financial Services Authority said today in a statement.
Andrew Greystock, a former investment banker at NM Rothschild & Sons Ltd. and senior partner of Atlantic Law LLP, will also be banned by the FSA from working in financial services for signing off on advertising from four Spanish firms that were boiler rooms, the FSA said. Around 130 British consumers lost a total of 3 million pounds in the scam, according to the regulator.
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PRIVATE TRADING SYSTEMS PLC - Private Trading Systems' subsidiary company
Posted on: Fri, 23 Jan 2009 16:01:00 EST
Symbols: PVTPF
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Jan 23, 2009 (PR Newswire Europe via COMTEX) --
PVTPF | Quote | Chart | News | PowerRating -- Private Trading Systems Plc
(The "Company")
The Company announces that a winding up order was made on 17 December 2008
against its subsidiary company The Private Treaty Market Limited ("PTML").
The Company is not affected by the winding up of PTML in relation to its
activities in connection with the development and trading of insurance
products. The Company retains the rights to the patent applied for relating to
instantaneous settlement against delivery of electronic instruments. The
benefits of the fee sharing agreement between the Company and DeMatco Inc.
signed on 24 September, 2008 are expected to arise in the first half of 2009.
The Company will now finalise its accounts for the period ended 31 March, 2008
and interims for the period 30 September 2008 and will publish the accounts in
the near future.
Lawyer Fined $591000 for Helping Boiler Room Scam, FSA Says?
BusinessWeek - Caroline Binham - 53 minutes ago
Andrew Greystock, a former investment banker at NM Rothschild & Sons Ltd. and senior partner of Atlantic Law LLP, will also be banned by the FSA from ...
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The Directors of Private Trading Systems Plc accept responsibility for this
announcement.
- ends -
FOR FURTHER INFORMATION CONTACT:
Private Trading Systems:
Lindsay Smith Tel: 07967 646 662
C. Austin Burrell Tel: 00 1 480 951 4897
Atlantic Law Llp: email: Andrew.Greystoke@atlantic-law.com
Andrew Greystoke Tel: 020 7616 2888
Emerson Gerard Associates:
Jerry Jennings Tel: 001- 561-881-7318
tradingmarkets.com
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businessweek.com
Lawyer Fined $591,000 for Helping Boiler Room Scam, FSA Says
May 13, 2010, 8:37 AM EDT
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e-mail this story print this story digg this save to del.icio.us add to Business Exchange By Caroline Binham
May 13 (Bloomberg) -- The founding partner of a London law firm will be fined 400,000 pounds ($591,000) for aiding a multimillion-pound illegal share scam, Britain’s Financial Services Authority said today in a statement.
Andrew Greystock, a former investment banker at NM Rothschild & Sons Ltd. and senior partner of Atlantic Law LLP, will also be banned by the FSA from working in financial services for signing off on advertising from four Spanish firms that were boiler rooms, the FSA said. Around 130 British consumers lost a total of 3 million pounds in the scam, according to the regulator.
“Firms and individuals that assist boiler room operators should be brought to task,” said Margaret Cole, the FSA’s enforcement director. “It will send a strong message of deterrence to other firms and individuals that may be tempted to turn a blind eye to the legitimacy of their clients in exchange for fees or commission.”
The U.K. has been trying to crack down on boiler rooms, which defraud Britons out of at least 200 million pounds a year, according to FSA data. Boiler rooms are illegal brokerages, often based overseas and beyond the reach of the regulators, which target investors with high-pressure sales pitches to buy risky and typically worthless shares.
The FSA is able to levy the penalty after Greystock lost a legal challenge at a London tribunal. Greystock wasn’t immediately available to comment.
Fox Hayes, a century-old law firm now in administration, had to pay a 954,770-pound fine last year in a separate case after the FSA found it approved promotions linked to a $21 million share scam.
--Editors: Christopher Scinta, Anthony Aarons.
To contact the reporters on this story: Caroline Binham in London at cbinham@bloomberg.net
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net. |
