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Professional negligence ban for senior partner

Published on 13 May 2010 under category: legal

The senior partner of a law firm has been banned by the finance industry watchdog for signing off ads for unregulated Spanish stockbroking firms known for using 'boiler room' selling techniques.

Andrew Greystoke of Atlantic Law LLP showed professional negligence in exposing customers to risk by approving the 50 ads for display in the UK.

The Financial Services and Markets Tribunal agreed with the decision made by the Financial Services Authority (FSA) following an investigation by the watchdog into the company's procedures.

Atlantic Law LLP has been fined £400,000.

It was found that Mr Greystoke was fully aware of media investigations into the four Spanish firms' activities.

Consumers in the UK lost over £3 million in investments after buying up near-worthless shares from the companies, which would issue threats to those who complained.

The advertisements claimed to offer free reports into registered companies, in a bid to obtain customer details.

If you require advice on Professional Negligence please call us on +44 (0)20 7831 0101 and ask for Peter Mellett.