Regulation – Partner claims innocence in ‘illegal deposit taking’

Shinder Gangar, partner at Dobb White & Co, made the accusations claiming he had faced two years of investigations for suspected illegal deposit-taking, an accusation for which he says the FSA ‘has produced no evidence’.

Gangar said: ‘We feel this is a vendetta stemming from a previous investigation which was stayed in April 1999 without any prosecution.’

The decision on Friday found Gangar guilty of two counts of failing to produce documents and evidence required by the FSA in connection with its investigation.

The FSA said the charges had come in connection with an investigation into illegal deposit making involving sums of £750,000 and $4m. Gangar, however, denies deposit taking.

‘I deny that there is any evidence of me being involved in illegal deposit taking. The money was held on behalf of clients to their order and then returned to the clients.’

He said he has provided information to the FSA but confessed that it was late.

The FSA said it was normal policy to publicise cases. A spokesman said: ‘The opportunity was there for him to argue his case.’

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