The Financial Services Authority has, in its own words, “decided to ban” Anthony Verrier, a senior executive at BGC, following his conduct during litigation between Tullett Prebon plc and BGC. The FSA press release is here and the Decision Notice is here. Mr Verrier has appealed to the Upper Tribunal.
The High Court “found that in [Verrier’s] evidence Mr Verrier stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient.”
As a consequence, the FSA has moved to ban Mr Verrier as it believes that he ”is not a fit and proper person due to concerns over his honesty, integrity and reputation”. From the FSA press release:
“The FSA based its decision on the High Court’s findings in Tullett Prebon plc (and two others) v BGC Brokers LP (and 13 others, including Verrier), [2010] EWHC 484 (QB). As the Court of Appeal summarised in Tullett Prebon plc & Ord v BGC Brokers LP & Ors, [2011] EWCA Civ 131: “Mr Verrier was found [by the High Court] to have participated in an unlawful means conspiracy, the unlawful means including the inducement of the broker defendants to breach their contracts of employment with Tullett by leaving early without lawful justification.”
Notably, the High Court also “found that in [Verrier’s] evidence Mr Verrier stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient.”
Given these findings by the High Court—as well as a number of its other findings and comments concerning Verrier’s behaviour during the trial—the FSA decided that Verrier should be banned from working in the financial services industry.”
See also: FSA to try and fine Chairman of Capital Markets at JP Morgan Cazenove for market abuse
