The Financial Conduct Authority (FCA) has prohibited former DNK Wealth Management owner David Nicholas King from carrying out any regulated activities.
The final notice was issued after King did not appeal a previous FCA decision notice.
The ban comes after King pleaded guilty in 2019 to stealing more than £600,000 ($823,941, €699,393) from his own family members to fund a life of luxury. The offences were committed from 2010 to 2017.
He defrauded family members by taking their share of his grandparent’s estate, which they had inherited, the FCA said.
The estate consisted of cash and assets; but rather than putting the inheritance into investments or bonds, he lied to the beneficiaries and used it to fund his own lifestyle.
King spent the money on holidays, designer clothing, expensive cars, days out shooting and even a trip to the US to watch the Ryder Cup.
He was sentenced to six years and four months in prison after pleading guilty to three counts of theft and one count of fraud by false representation.
‘Serious lack of honesty and integrity’
The FCA said in the final notice on 22 July 2021: “King is not a fit and proper person to perform any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.
“His convictions demonstrate a clear and serious lack of honesty and integrity such that he is not fit and proper to perform regulated activities.
“In reaching this decision, the authority has had regard to all relevant circumstances, including the relevance and materiality of the offences, the severity of the risk posed by King to consumers and financial institutions and to confidence in the market generally.”
The UK regulator added that it was “appropriate to impose the prohibition order”.
King was approved by the FCA to perform a customer function at Quilter Financial from 8 September 2010 to 31 December 2012 and at Openwork during various periods between 6 January 2010 and 13 October 2016.
He was also an appointed representative of various authorised firms during that period.
