FCA bans AIM bosses for market abuse

Added 7th April 2017

The FCA has banned two Alternative Investment Market (AIM) financial controllers for market abuse.

FCA bans AIM bosses for market abuse

Niall O’Kelly and Lukhvir Thind, the former chief financial officer and former financial controller of Worldspreads (WSG), respectively, have been fined for market abuse and have been banned from performing any function related to regulated activities.

The FCA has fined WSL’s former chief financial officer, Niall O’Kelly, £11,900 and former financial controller, Lukhvir Thind, £105,000.

In August 2007, the holding company of WSL, WSG, floated on AIM.

O’Kelly was closely involved in drafting and approving the admission documentation for the flotation, which contained materially misleading information and omitted key information that investors would have needed in order to make an informed decision about the company. 

The FCA also found that O’Kelly helped manage an undisclosed ‘internal hedging’ strategy at WSL using fake client trading accounts and the unauthorised use of actual client trading accounts, which led him to artificially inflate WSG’s assets on its balance sheet.

In the annual accounts for 2010 and 2011, O’Kelly and Thind knowingly falsified information amounting to inaccuracies of £15.9m. 


Kames Income Hub


Vincent McEntegart, manager of the Kames Diversified Monthly Income Fund, explains how he aims to deliver a stable and sustainable income of 5% p.a.*, paid monthly, by investing in a range of asset classes

Square Mile Research

Premier Multi Asset Global Growth - Alex Farlow
Premier Multi Asset Global...

Talking Factsheets is a video service for users...

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address



Investment Strategy




PA Edinburgh 2017
PA Edinburgh 2017

Thursday 7 September
Balmoral Hotel, Edinburgh

PA Alternatives 2017
PA Alternatives 2017

Tuesday 12 September
Sofitel St James, London  

PA Dublin October 2017
PA Dublin October 2017

Tuesday 10 October
Westbury Hotel, Dublin

PA US 2017
PA US 2017

Tuesday 17 October
Furniture Makers' Hall