FCA bans and fines former Burlington director
Wednesday 3rd September 2014
The Financial Conduct Authority (FCA) has fined Craig Cameron, former Director of Burlington, for dishonest involvement in the sale of Unregulated Collective Investment Schemes (UCIS) to retail customers.
Cameron has been fined £350,000 and banned him from any involvement in FCA authorised firms, after it found that he lacked honesty and integrity in relation to the promotion of three unregulated collective investment schemes to retail investors.
Tracey McDermott, director of enforcement and financial crime at the Financial Conduct Authority, commented: “Cameron deliberately flouted regulatory requirements, which were designed to safeguard retail investors, in favour of selling high risk UCIS for potentially lucrative gains. The
UCIS have failed and the investors, many of whom should never have been exposed to these high risk investments in the first place, have paid a heavy price for his actions.”
Cameron was a director of London-based financial advisory firm Burlington Associates Limited between May 2003 and January 2009.
In early 2005, he helped to set up three high risk UCIS investing in new property developments in Croatia, Bulgaria and Montenegro.
During the same year the UCIS were promoted to thousands of retail investors, without adequate checks being made to ensure the investors were eligible for these promotions. Over 800 consumers invested around £30 million in the three UCIS, which subsequently failed.
The FCA has previously taken action against two other individuals – Jeffrey Bennett and John Leslie – for failing to oversee adequately the roles of their firms in the UCIS sales.
Any investors who had dealings with Cameron, Burlington Associates or Leslie & Nuding / Burlington Funds in relation to these UCIS investments, has been urged by the FCA to seek independent advice about their rights and options.
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Editorial Contact Details - Conor Shilling
conor.shilling@angelsmedia.co.uk
Editorial Contact Details - Conor Shilling
conor.shilling@angelsmedia.co.uk
0845 672 6000
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