An investigation conducted by the Securities and Futures Commission (SFC) found Roger John and Hamish Cruden guilty of misusing securities and money belonging to clients, of providing fabricated and misleading information to the SFC, and of failing to maintain the minimum level of liquid capital from April 2012 to February 2013.
The SFC said John was directly responsible for the misconduct of Salisbury after he authorised using securities and sale proceeds belonging to clients to use for his own personal expenses, for the company’s operational expenses, and to settle another client’s instructions.
“Mastermind”
The body also said John was the “mastermind” behind the company’s submission of false financial returns to the SFC and of creating the façade surrounding the company’s liquid capital.
Cruden, who remained part of senior management despite moving to Manila in 2011, was found to be at fault for not keeping himself informed about the business, and was therefore seen to be equally responsible for the breaches of the company.
The disciplinary actions against the pair follow action by the SFC in June 2013 to close down Salisbury’s business after an urgent restriction notice was issued in March 2013.
