James Lewis, the former CEO of Shard Capital Partners, has been fined £120,300 and banned by the Financial Conduct Authority (FCA) following two separate instances of providing incorrect information about clients’ cash purportedly held by Shard.
According to the FCA, Lewis’ misconduct put the market and investors at risk.
Between June 2015 and May 2017, Lewis “told auditors that Shard held hundreds of millions in cash for a particular client. In fact, these sums were debts owed by another client in the same group”, according to an FCA statement.
In addition, between June and July 2021, Lewis is said to have provided misleading information to a further client purporting that Shard held substantial sums on its behalf. However, that client’s entire cash balance had previously been transferred out of its account.
According to the FCA, Lewis knew the information he provided would be used to produce the clients’ annual accounts. Those accounts were misstated as a result.
Commenting on this, FCA joint executive director of enforcement and market oversight, Steve Smart, said: “Mr Lewis fell woefully short of the high standards of skill, care and integrity we expect of all those who lead financial firms. Investors depend on accurate information, and Mr Lewis’ actions put investors at significant risk of losses. It is right that he won’t be allowed to work in regulated financial services again.”
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