Tom Winnifrith Bonus bearcast: Cenkos fined £530,000 over Quindell fraud - assisting crime DOES pay says the FCA
By Tom Winnifrith, The Sheriff of AIM | Wednesday 10 August 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The FCA will say that fining Cenkos (CNKS) £530,000 over the Quindell (QPP) fraud shows regulation is working. Au contraire. The narrow scope of its investigation, the failure to sanction individuals and the paltry fine show that assisting crime does pay if you work in the City. It sends out all the wrong signals and is a day of shame for the Square Mile as I explain in this podcast.