The FCA has banned former IFA Luke Andrew Durrant after he was convicted of a £300,000 fraud which noticed aged and weak purchasers cheated out of their financial savings.
Mr Durrant defrauded aged and weak victims by utilizing a secret checking account to funnel their cheques to himself.
The FCA has banned him from performing any regulated exercise indefinitely.
Mr Durrant (FCA Reference Quantity: LAD01068) was convicted in February 2020 of two counts of fraud by abuse of place and was sentenced at Norwich Crown Court docket in June 2020 to a complete 4 years in jail.
He labored for a significant IFA agency in East Anglia known as Sophex Ltd which trades as Lifetime Monetary Options. He labored for the agency between January 2012 and November 2018.
The agency is predicated in Norwich and serves purchasers throughout Norfolk and Suffolk.
The offences happened between Might 2016 and November 2018 when he was an authorised individual and impartial monetary adviser on the agency.
On the time, Mr Durrant was authorised by the FCA to carry out the CF30 (Buyer) managed operate in relation to Sophex Ltd (buying and selling as Lifetime Monetary Options Restricted) between 2 January 2012 to 16 November 2018.
The offences happened between 1 Might 2016 and 17 November 2018 whereas he was an authorised individual and associated to the abuse of his place of belief as an impartial monetary adviser and authorised individual.
In his sentencing remarks, the Choose mentioned that, in essence, Mr Durrant had arrange a ‘hidden checking account’ within the title of Lifetime Monetary Options Restricted which might permit him to simply transfer cheques which had been presupposed to go to Sophex Ltd (within the type of diverted consumer charges) into his personal enterprise or private account.
Mr Durrant used the trick to steal money from purchasers, a lot of whom had been aged and weak and trusted Mr Durrant, the courtroom heard.
Over the interval of the fraud, Mr Durrant stole roughly £300,000 from his victims. The Choose mentioned that Mr Durrant had abused his place of energy, belief and duty and described him as establishing a “dishonest and complicated scheme.”
The FCA mentioned that Mr Durrant isn’t a match and correct individual to carry out any operate in relation to any regulated exercise.
The watchdog mentioned his convictions demonstrated a “clear and severe lack of honesty and integrity.”
Mr Durrant has elected to not enchantment the FCA Remaining Discover, the FCA mentioned.
Lifetime Monetary Options has been requested by Monetary Planning Right now for touch upon the ban of a former worker.
In February 2020 after Mr Durrant admitted the offences in courtroom, Alex Couling, director of Sophex Ltd, which trades at Lifetime Monetary Options, advised the Japanese Each day Press he was happy to place the ordeal behind the agency.
“We contacted the police and the related authorities and have totally cooperated with their investigations. Durrant was suspended from responsibility instantly and his purchasers had been suggested that he now not represented our agency.