The UK’s Financial Conduct Authority has fined and prohibited two former Blue Horizon Asset Management executives following an investigation into their conduct during attempts to acquire a UK bank and Reading Football Club.
Paul Taylor, the company’s former chief executive, was fined £489,000, while former managing director Esmeralda Toni was ordered to pay £121,200 over their respective roles in the misconduct.
The FCA found that Taylor made deceptive statements and created false documents in connection with the proposed acquisitions. Toni was also found to have knowingly assisted Taylor in producing the documents.
According to the regulator, Taylor falsely claimed to own a bond portfolio worth approximately €200 million during the acquisition attempts.
The FCA said the documents were used to support claims about Taylor’s financial position as Blue Horizon sought to demonstrate its ability to complete the proposed acquisitions.
Toni rejected allegations that she made misleading statements or participated in producing false documents during the regulator’s investigation.
Blue Horizon was among the potential investors involved in efforts to acquire Reading Football Club before the club was eventually purchased by US sports investment company Redwood Holdings.
The FCA’s decision prohibits both Taylor and Toni from working in the UK financial services industry.
Blue Horizon Asset Management did not immediately respond to requests for comment, while Taylor and Toni were unavailable for comment.
Goodness Anunobi
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