11 Feb, 2008
Nicole Blackmore -
FSA has banned Mohammed Suba Miah, a former broker at Square Mile
Securities Limited, and fined him £21,000.
The regulator found that Miah sold high risk shares to customers
without their consent and deliberately mislead customers by not
explaining the risks involved with such shares.
The FSA reviewed 19 transactions between December 2005 and May
2006 involving Miah and found that, in 11 of them, he had been
dishonest by recording the purchase of high risk shares by
customers without their permission.
According to the regulator Miah also made inaccurate and
misleading claims about the performance and value of the shares and
failed to inform customers of the higher risks associated with
FSA director of enforcement Margaret Cole says: "As a stockbroker
and approved person Mr Miah was in a position of trust. Customers
have a right to expect their brokers to give clear and fair advice,
recommend suitable shares and to treat them fairly. Stockbrokers
are on notice that the FSA will not tolerate abuse of this trust,
and our actions against Mr Miah show that we take this very