Unlawful Poaching Campaign Draws FCA Ban of Former BGC Senior Executive Anthony Verrier
- The FCA has banned Anthony Verrier, a former senior executive at fx brokerage BGC Partners Inc. from participating in financial services for his misconduct following an abrupt exit from Tullet Prebon.
The Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) has banned Anthony Verrier, a former senior executive at fx brokerage BGC Partners Inc. from participating in financial services for his misconduct following an abrupt exit from Tullet Prebon, according to an FCA statement.
Verrier Conducts Unlawful Poaching Campaign
The genesis of Verrier’s unlawful behavior began after he had quit Tullet Prebon, a leading broker dealing with a variety of asset classes including fx, Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa and commodities. Verrier had reportedly conducted a campaign to poach clients from Tullet Prebon after joining rival brokerage BGC partners – a move that had drawn the attention of the FCA since May 2012.
According to a court appeal released by the FCA in Tullet Prebon vs. BGC Brokers, "Verrier was found to have participated in an unlawful means conspiracy, the unlawful means including the inducement of the broker defendants to breach their contracts of employment with Tullett by leaving early without lawful justification."
FCA Director Echoes Judge’s Verdict
"Verrier held a senior position within the financial services industry. He should have been a role model for others. The judge's findings about his conduct made it clear he fell far short of that. Trust will not be restored in financial services unless professionals within it can be relied upon to act with integrity. Where we have evidence of failures to do so, in whatever context this occurs, the FCA will take action accordingly," added Tracey McDermott, Director of Enforcement and Financial Crime at the FCA,
The verdict obviously vindicates Tullet Prebon, the target of Verrier’s unlawful behavior. Indeed, the brokerage has been a model of transparency in the fx industry, recently receiving a CFTC approval as an SEF.
The Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol ) has banned Anthony Verrier, a former senior executive at fx brokerage BGC Partners Inc. from participating in financial services for his misconduct following an abrupt exit from Tullet Prebon, according to an FCA statement.
Verrier Conducts Unlawful Poaching Campaign
The genesis of Verrier’s unlawful behavior began after he had quit Tullet Prebon, a leading broker dealing with a variety of asset classes including fx, Equities Equities Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa and commodities. Verrier had reportedly conducted a campaign to poach clients from Tullet Prebon after joining rival brokerage BGC partners – a move that had drawn the attention of the FCA since May 2012.
According to a court appeal released by the FCA in Tullet Prebon vs. BGC Brokers, "Verrier was found to have participated in an unlawful means conspiracy, the unlawful means including the inducement of the broker defendants to breach their contracts of employment with Tullett by leaving early without lawful justification."
FCA Director Echoes Judge’s Verdict
"Verrier held a senior position within the financial services industry. He should have been a role model for others. The judge's findings about his conduct made it clear he fell far short of that. Trust will not be restored in financial services unless professionals within it can be relied upon to act with integrity. Where we have evidence of failures to do so, in whatever context this occurs, the FCA will take action accordingly," added Tracey McDermott, Director of Enforcement and Financial Crime at the FCA,
The verdict obviously vindicates Tullet Prebon, the target of Verrier’s unlawful behavior. Indeed, the brokerage has been a model of transparency in the fx industry, recently receiving a CFTC approval as an SEF.