The Financial Conduct Authority (FCA) has banned a financial adviser following his role in promoting two fraudulent investment schemes that cost investor over £2.3m.
Simon Charles Oakley had pled guilty to two counts of making misleading, false or deceptive statements under the Financial Services and Markets Act 2000, and was sentenced to imprisonment for 30 months back in 2017.
He was authorised as a financial adviser between 27 August 2009 and 31 May 2018.
He misled people into investing in the knowledge that the first fraudulent scheme had failed"
"He misled people into investing in the knowledge that the first fraudulent scheme had failed and, in hiding that knowledge from the investors, this was "almost as close to fraud as is possible", the FCA said in its notice.
"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."
Sentencing Oakley to 30 months in prison in 2017, Judge Kearl said that Oakley was ‘reckless' in promoting the first scheme, and his conduct in promoting the second scheme was ‘at an even higher level' than the first.