STORY
The Financial Conduct Authority has fined and banned two former senior executives of Blue Horizon Asset Management after finding that false and misleading information was used during attempted acquisitions. Former chief executive Paul Taylor was fined £489,000 and banned from working in financial services, while former managing director Esmeralda Toni was fined £121,200 and also banned.
The FCA said Taylor falsified, or arranged for the falsification of, documents claiming that he owned a bond portfolio worth about €200 million during an attempt to acquire a UK bank. Toni knowingly assisted by making misleading statements and helping to falsify documents. The regulator said the information was intended to be relied upon by the FCA and the Prudential Regulation Authority when assessing the proposed acquisition.
Taylor later attempted to acquire Reading Football Club and again made misleading statements claiming ownership of the same €200 million bond portfolio. The FCA found that both executives had acted dishonestly and breached the individual conduct rule requiring people working in financial services to act with integrity. Both settled their cases and received a 30% reduction in the financial penalties that would otherwise have been imposed.