The advice firm belonging to sex offender Frank Cochran has been ordered to cease all regulated business activity by the Financial Conduct Authority (FCA).
Cochran was director of FSC Investment Services until 17 April, when he was sentenced to seven years in jail for a range of offences, including sexual assault.
Now, according to the FCA register, FSC has been ordered to cease all regulated business under section 55L of the Financial Securities and Markets Act (FSMA).
Further, the regulator has also imposed restrictions on FSC’s assets, meaning the firm cannot dispose of, deal with or diminish any value of the assets it has without consent from the FCA.
The regulator told International Adviser the orders were imposed on 24 July, but declined to comment any further.
No statement is made as to when the restrictions will be lifted, however the order says it will remain in place until FCA has approved persons to carry out the functions of director, compliance oversight and money laundering reporting.
Court trial
Cochran’s seven-year jail sentence followed a two-week trial where the court heard the 60-year-old had left his victim “scarred” and a “shadow of her former self”.
He had earlier pleaded guilty to possession of a taser, which he bought while on holiday in Florida, that he used to “scare her”.
