Financial adviser who ‘paid gambling debts with clients’ money’ is banned

A Jersey-based financial adviser who allegedly took tens of thousands of pounds of his clients’ money and used it to cover his gambling debts has been banned from working in the sector.

In one alleged case, reported in the Jersey Evening Post, Roberts persuaded a client that they would benefit from “diversifying” their investment portfolio by lending him £30,000. Vincent Roberts then allegedly used the money to settle his personal debts.

The local regulatory body, the Jersey Financial Services Commission (JFSC), said that Roberts is considered “not fit and proper” to operate in the financial services industry.

“In 2012 Roberts’ financial standing, due to, in the main, extensive gambling activity, began to deteriorate to such an extent, unbeknown to his employer, Roberts approached clients and prospective clients for unsecured personal loans,’ the JFSC said in its report.

“The investigation identified Roberts’ poor financial standing as being the primary factor in relation to his misconduct,” it said. “In this regard, Roberts made efforts to avoid his employers identifying his poor financial standing and misconduct.”

Christopher Copper-Ind
Christopher Copper-Ind is Publisher and Editor of International Investment.

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