Financial Conduct Authority
FCA bans convicted fraudster from carrying out regulated activity
The FCA has banned director Matthew Creed from performing any regulated activity. This decision follows an FCA investigation that found Mr Creed failed to inform the FCA about his bankruptcy and a disqualification as a company director.
Mr Creed was also convicted of dishonesty offences under the Insolvency Act 1986. The FCA found that Mr Creed lacks honesty and integrity in respect of his dealings with the Authority.
Mr Creed was approved to carry out FCA regulated functions at AAA Management Limited between January 2005 and December 2019. He was also the director of a company not regulated by the FCA, PEL, between January 2002 and April 2013. Between February and August 2012, Mr Creed dishonestly executed eight transfers which removed £166,000 from PEL’s accounts.
Mr Creed provided an undertaking which disqualified him from holding office as a company director in March 2016. In June 2016, he became aware he was the subject of a criminal investigation for executing fraudulent transactions. As an approved person Mr Creed was required to report the fact of his disqualification and the fact he was under criminal investigation to the FCA and failed to do so.
Although Mr Creed challenged the decision to prohibit, his appeal was ultimately withdrawn.
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