A former general partner of Bloxham stock brokers has been disqualified from management of a regulated financial firm for ten years by the Central Bank.
Tadhg Gunnell, who was head of finance and compliance at the firm now in liquidation, was also fined €105,000, but as he was made bankrupt earlier on this year the fine has been waived.
The Central Bank found that Mr Gunnell oversaw “certain financial irregularities” in the firm’s accounts which “contributed to its overstated regulatory capital position”.
His actions related to the misrepresentation of Bloxham’s true capital position to the Central Bank between December 2007 and May 2012, it said.
A liquidator was appointed to Bloxham three years ago after it was founded to be undercapitalised with no prospect of an improvement in its position.
At the time its largest creditors include NIB Bank, which was owed €8.5m, and Revenue which was owed €2.3m.
Speaking about the penalty imposed by the Central Bank, its director of enforcement Derville Rowland said that the authority “expects that persons concerned in the management of regulated entities should act to the highest standards within the industry.
“Where any person involved in managing our regulated financial service providers falls short of these standards, enforcement action can be expected to follow against that person.”
In a statement Mr Gunnell welcomed the conclusion of the settlement agreement with the Central Bank.
A spokesperson said he had been open with the authority and "cooperated with them fully during the course of their investigation."
It said he hoped this would assist the Central Bank in its probe in "continuing their investigations into Bloxham Stockbrokers and those who were also responsible for the management of the company alongside Mr Gunnell".
