Former-Seymour Price employee banned for fraud

26 May 2010

The Financial Services Authority (FSA) has banned a fomer-broker from working within the financial services industry after he was found to have stolen over £150,000 through fraud.

According to the industry regulator, John White has been found guilty of taking a total of £152,372 from his ex-employer Seymour Price and clients over the course of 37 transactions made between 2001 and 2006.

The trader, who worked for the firm as a settlements manager, stole trading profits and interest on credit as well as transferring a personal loss on an investment into a Seymour Price account.

Margaret Cole, the FSA’s director of enforcement and financial crime, said: “White was a long standing employee of Seymour Pierce who misused his senior position with the firm. He exposed weaknesses in the firm’s systems and used them to his advantage.”

She added that the case demonstrated how the industry regulator was working effectively to prevent fraudulent acts being committed.

Mr White’s role at Seymour Price meant he was responsible for entering details of trades into the firm’s system and changing static information on client accounts.

Money and assets taken from clients through Seymour Price’s criminal activity has subsequently been returned by the firm.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development