Ban imposed on York financial adviser Michael Bains
10:50am Wednesday 8th January 2014 in News
A YORK financial adviser who squandered money on escorts and gambling after defrauding clients out of £160,500 has been issued with a prohibition order by the Financial Conduct Authority (FCA).
Michael Bains, 47, of Holgate, was jailed last year for 18 months by a judge at York Crown Court.
The FCA said yesterday the order meant he was now banned from performing any function in relation to any regulated activity, after concluding he was not a fit and proper person to perform any functions.
It said his conduct demonstrated a lack of honesty and integrity, and he posed a significant risk to consumers.
The court heard Bains had persuaded clients to invest in private deals for non-existent property development and investment schemes.