Banned IFA Gary Hexley is set to stand trial in September over giving investment advice without authorisation.
In October 2012 Hexley was charged with six offences relating to investment advice given whilst unauthorised. His business partner John Cooper was charged with three offences.
Hexley’s has been charged over carrying on a regulated activity without being an authorised or exempt person and faces five counts of dishonestly concealing a material fact.
Cooper was charged with three counts of dishonestly concealing a material fact.
In August 2011, the Financial Services Authority (FSA) fined Birmingham-based Exclusive Asset Management, where Hexley was an adviser, £60,000 and banned Hexley for giving customers unsuitable investment advice. The firm went into voluntary liquidation in May 2011.
The FSA visited Exclusive in April 2010 following complaints about Hexley and uncovered several compliance related systems and control failings.
The FSA alleged that Hexley gave unsuitable investment advice, and approached current and former clients to invest in his own property development company, Greenfield International.
Hexley’s £2 million property company, Greenfield International, collapsed in 2010 and left more than 230 creditors with loses of up to £80,000, according to the Birmingham Mail.
Loading...