Corporate & Securities Law

The Financial Services Authority of Britain has banned a stockbroker for life after he abused the trust of some of his clients.  The stockbroker sold high-risk stocks to unwitting customers, including two retirees over the age of 80.  He's been fined £21,000 and has received a life ban from FSA. 

Mohammed Suba Miah, formerly employed by Square Mile Securities, is the first broker to be both fined and banned after the FSA found that he had sold stocks to customers without their consent and misled them by not explaining the risks involved.  Square Mile was fined £250,000 by the FSA less than a month ago for persistently using high-pressure sales tactics and misleading information to sell customers stocks that they did not want or could not afford. 

According to the FSA, "Customers have a right to expect their brokers to give clear and fair advice, recommend suitable stocks and to treat them fairly.  Stockbrokers are on notice that the FSA will not tolerate abuse of this trust."