Watchdog bans manager for corporate fraud

Published on 25 May 2010 under category: legal

The financial services watchdog has banned a manager from working in the industry after he was found guilty of corporate fraud.

The Financial Services Authority has reported that John White, who worked at Seymour Pierce Limited, stole over £150,000 from the company and its clients over a period of five years.

On the ban, the FSA's director of enforcement and financial crime Margaret Cole 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.
"We expect people who work in the financial services industry to behave with honesty and integrity, yet White's conduct was anything but."

Staff fraud may be on the rise, because of tougher economic conditions.

A report released this month from CIFAS found that staff fraud had increased by 45 per cent last year on 2008 levels.

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