FCA bans jailed adviser after fraud conviction

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FCA bans jailed adviser after fraud conviction

The Financial Conduct Authority (FCA) has banned jailed adviser David King who is currently serving a six-year and four-month sentence for crimes of fraud and theft.

King, who ran his own advice business DNK Wealth Management, was sentenced in 2019 after pleading guilty to three counts of theft, one count of fraud by fault representation and one county of acquiring, using and possessing criminal property.

The sentence was handed down at Sheffield Crown Court after King admitted to stealing £608,000 from his victims.

The FCA delivered him a notice notifying him of the intention to ban him from carrying out any regulated activities.

King did not refer the matter to a tribunal within 28 days of receiving the notice. As a result, the FCA has taken the decision to apply a prohibition order to him.

The FCA commented: "The Authority has concluded… that Mr King is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.

"His convictions demonstrate a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities."

In 2019, Sheffield Crown Court heard how King had committed fraud on family members by taking their share of an inheritance worth £575,000.

Instead of investing it, he used it to fund his own lifestyle. He also committed fraud against a friend when he personally guaranteed bridging finance on a property purchase to make a gain of £35,000 for himself.

The offences were committed from 1 February 2010 to 31 December 2017.

First published by our sister title Professional Adviser