Broker in free money scheme gets the chop

Article Abstract:

Irish and European Securities, a stockbroking company based in Dublin, Ireland, has been shut down by Central Bank of Ireland. The company sold shares in Telecom Credit Europe (TCE) which later changed its name to Meteor Technology. TCE was set up in 1995 and aimed to install credit card phones, but the phones did not work. This meant that TCE needed more funds. Irish and European Securities used cold calling methods to contact small investors in Ireland recommending the shares. Some 320,000 pounds sterling could have been generated from the Irish operation.

Communications Equipment, Telecommunications Equipment, Communications Equipment Manufacturing, Telecommunications equipment industry, Telecommunications systems, Securities, Irish and European Securities, Telecom Credit Europe PLC

Owners took millions out of closed bucket shop

Article Abstract:

London Corporate Securities has been fined by the United Kingdom industry regulator, and the company's directors had previously placed it in voluntary liquidation. The sole directors, Ken Donaldson and Alan Sharman, received 8.2 million pounds sterling in dividends and pay from the company in the six years to Nov 1997. The company was fined for not observing integrity and fair dealing standards and not having good evidence to believe it was making appropriate recommendations for clients.

London Corporate Securities

Penny share-pushing dealer fined by regulator

Article Abstract:

Danesfield Securities has been fined by Fimbra, the United Kingdom regulator, which has criticised Danesfield for failing to keep adequate records and not warning clients of risks involved in some investments. Danesfield argues that clients should make their own decisions. Danesfield placed Snakeboard International stocks which proved to be a bad issue. Danesfield reported a pre-tax profit of 146,000 pounds sterling for 1996.

Securities Dealers, Investment Banking and Securities Dealing, Danesfield Securities