A former director of London Capital & Finance (LCF) has been banned from working in the City after investors lost £200m.
The financial regulator said yesterday that former compliance executive Floris Jakobus Huisamen “recklessly” signed hundreds of promotions that misled bondholders.
More than 11,600 investors, many of whom were retirees and elderly, lost £237.8 million when LCF collapsed in 2019.
The Financial Conduct Authority, headed by Nikhil Rathi, ordered Huisamen to pay a fine of £31,800 and banned him from working in financial services.
The company had sold them “mini bonds,” promising high returns and a low-risk investment.
Bondholders were told their cash would be loaned to companies that needed it to grow. But the money was funneled into risky ventures.
The Financial Conduct Authority, headed by Nikhil Rathi, ordered Huisamen to pay a fine of £31,800 and banned him from working in financial services.
Between February 2017 and December 2018, Huisamen approved misleading information in LCF’s brochures and website.
He “recklessly signed” the documents when he “was aware of clear risks that they did not comply”, the FCA said.