And for good measure the FSA has fined Seymour Pierce £154,000 for poor controls to guard against employee fraud.
The facts of the case made incredible reading; an employee managed to steal £150,000 completely undetected in 36 separate transactions over a three year period. Around half of this amount was from the firm and the balance from the firm’s legacy private clients.
Amazingly the misdemeanours only came to light 6 months after he (‘Mr A’) was dismissed in July 2006 and his replacement conducted a reconciliation process.
