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| Companies Act fraudster jailed for 8 years |
Businesses have been reminded of the importance of sticking to their Companies Act obligations after a financial adviser was jailed for eight years.
Michael Mawdsley, who was based in Liverpool, has been convicted of 22 counts of dishonesty under the Theft Act and one count of fraudulent trading under the Companies Act.
It is believed that the 61-year-old systematically conned the recently-retired out of their life savings through fictitious investments and deliberate omissions on life assurance policies.
He used a company registered in the US to avoid scrutiny from UK authorities and enticed many of his clients into his trust by hosting pre-retirement seminars.
The case underlines the importance of businesses ensuring they meet their Companies Act responsibilities, even if they are not knowingly breaking the rules.
It follows news that the Financial Services Authority has fined FX company Alpari and one of its former reporting officers for failing to have adequate anti-money laundering reports and systems in place. |
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