FCA Bans Martins Broker Terry Farr on Finding of Dishonesty
The UK’s Financial Conduct Authority (FCA) has determined that a former Martins Brokers Ltd (Martins) broker, Terry Farr, is prohibited from performing any function in relation to any regulated financial activity after it found him to be dishonest and to lack integrity.
The FCA found that Farr is not fit and proper to perform any function in relation to any regulated activity after it uncovered that he had arranged nine wash trades over an 11 month period. Farr had made the transactions with the intention of obtaining unwarranted brokerage payments, with no legitimate commercial purpose. In total, the brokerage received by Martins amounted to £258,151.09. Farr had been aware that his activity was improper, but continued in any event and made attempts to conceal it within his dealings with traders.
Commenting on the announcement, Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
“There was no legitimate reason for Mr Farr to make these trades and his actions were motivated by greed. His actions mean he has no place in financial services.”