The Financial Conduct Authority has banned Matthew Creed from performing any regulated activity.
The watchdog said the decision follows an investigation which found that Creed failed to inform the FCA about his bankruptcy and a disqualification as a company director.
He was also convicted of dishonesty offences under the Insolvency Act 1986.
Moving money
Creed was approved to carry out FCA-regulated functions at advisory firm AAA Management Limited, between January 2005 and December 2019. He was also the director of an unregulated company, called PEL, between January 2002 and April 2013.
Between February and August 2012, he “dishonestly executed eight transfers which removed £166,000 ($228,700, €193,400) from PEL’s accounts”, the FCA said.
The regulator continued: “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, 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.”
The watchdog added that Creed continued to work as a de facto director at AAA, breaching the disqualification order.
After initially challenging the FCA’s decision to ban him from performing regulated activities, Creed subsequently withdrew his appeal.
