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Seymour Pierce in 154,000 FSA fine

CITY stockbroker Seymour Pierce has been fined &pound;154,000 by the Financial Services Authority (FSA) for failing to spot an internal fraud.<br /><br />An employee at the firm stole &pound;150,000 in 36 transactions over three years and his secret plot went &ldquo;completely undetected&rdquo;, the FSAsaid yesterday.<br /><br />The employee, labelled as &ldquo;Mr A&rdquo; in the FSA&rsquo;s filings, was sacked without the firm realising what he had done.<br /><br />Only when his successor noticed irregularities in the books was the fraud uncovered. MrA even transferred a personal trading loss onto Seymour Pierce&rsquo;s books without the firm noticing, the FSAsaid.<br /><br />FSA director of enforcement Margaret Cole said: &ldquo;This is a serious failure on Seymour Pierce&rsquo;s part. The frauds were not sophisticated.&rdquo;