Institutes - disciplinary decisions
A commodity broker who lost his firm more than #500,000 by organising unauthorised foreign exchange transactions has been expelled from the English ICA.
Ajit Paramesh, who admitted he acted dishonestly by removing money from client accounts to carry out unauthorised speculative forward-dated foreign exchange transactions, was also fined #1,000.
Philip Stein, of Camden Road, London, was fined #1,250 with #800 costs and reprimanded for failing to reply to institute enquiries about a client complaint.
Victor Boorman & Co, of Hove, East Sussex, was fined #1,000 with #500 costs for incorrectly carrying out an insurance audit.
James Guest, of Princess Street, Manchester, was reprimanded and fined z500 with z750 costs after he withdrew more than #1,500 from a client account without authorisation.
Harold Smith, of Chinley New Road, Stockport, was reprimanded and fined #250 with #500 costs for signing an auditors’ report when unregistered.
Ramniklal Sodagar, of Foxbourne Road, London, was severely reprimanded and fined #1,500 with #500 costs for failing to supply information to the institute.
David Crook, of Garfield Road, Ryde, was reprimanded and fined #500 with #800 costs for also failing to reply to the institute’s requests for information.
ACCA’s disciplinary committee expelled Keith Sheenan, of Alfred Tooke & Co, Pinner, Middlesex, and fined him #512 for failing to co-operate with its monitoring unit.
Sydney Kalinsky, of King & King, Regent Street, London, was admonished and fined #1,000 with #578 costs by ACCA for failing to declare a relationship which could have affected his objectivity.