Lifelong ban for boiler room lawyer upheld

Steve Dinneen
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LAWYER Andrew Greystoke will never work in finance again after a ruling he aided a boiler-room share scam was upheld yesterday.

The Atlantic Law partner is said to have “recklessly” signed off approval of 50 UK investment advertisements issued by unregulated Spanish stockbroking firms.

The Financial Services Authority (FSA) said it would have been “blindingly obvious” to Graystoke that the firms were selling shares of dubious value in illiquid unlisted firms.

At least 130 UK customers invested more than £3m in the worthless shares. The true figure is estimated to be far higher.

He was slapped with a lifelong ban from working “in any capacity in financial services” and forced to share a £400,000 fine with the law firm.

He appealed the ruling but it was upheld by the Financial Services and Markets Tribunal.

Margaret Cole, FSA director of enforcement and financial crime, said: “Atlantic Law and Andrew Greystoke acted recklessly, without integrity and with a complete disregard of the risks to consumers. This will send a strong message of deterrence to other firms and individuals.”