Vincent Charles Roberts (52) allegedly advised clients to ‘diversify’ their investment portfolios by lending him money, which he promised to repay at interest rates as high as eight per cent.
He was also accused of borrowing £9,500, which he later repaid, from a client’s bank account without telling them, after being granted online access.
A public statement issued by the Jersey Financial Services Commission said that Mr Roberts has been deemed ‘not fit and proper’ to work in any business it regulated. In the case of one client, who had ‘limited investment knowledge’, Mr Roberts allegedly advised them to sell £15,000 of their portfolio and lend him the money, which he allegedly promised to repay at an eight per cent interest rate. He ended up unable to repay what he owed at the end of the three-year term of the loan and had to rearrange the deal, according to the public statement, which says that Mr Roberts ‘prioritised his own financial needs’ above those of his client.
In another case, a customer was allegedly advised by Mr Roberts that they would benefit from ‘diversifying’ their investment portfolio, if they loaned him £30,000, but he allegedly ended up using the sum for ‘personal expenditure’ and to settle personal debts.
The public statement, which details four cases of alleged malpractice, said that Mr Roberts allowed his ‘poor financial standing’, caused by gambling debts, to impair his judgment.
‘In 2012 Mr Roberts’ financial standing, due to, in the main, extensive gambling activity, began to deteriorate to such an extent, unbeknown to his employer, Mr Roberts approached clients and prospective clients for unsecured personal loans,’ it said.
The report added that Mr Roberts tried to conceal his behaviour from the companies he worked for.
‘The investigation identified Mr Roberts’ poor financial standing as being the primary factor in relation to his misconduct,’ it said. ‘In this regard, Mr Roberts made efforts to avoid his employers identifying his poor financial standing and misconduct.’
