Bloomberg News

Ex-BGC Director Verrier Banned in U.K. After Dropping Appeal (1)

January 29, 2014

Anthony Verrier, the former executive managing director of the inter-dealer brokerage BGC Partners Inc. (BGCP:US), was banned by the U.K. markets regulator after he dropped an appeal challenging the penalty.

Verrier said in May 2012 that he would appeal the Financial Conduct Authority’s decision to block him from working in the finance industry and have the case heard at a tribunal in London. He’s dropping that challenge, the FCA said in a statement today.

Verrier isn’t fit to work in the finance industry because of his involvement in poaching brokers from competitor Tullett Prebon Plc (TLPR), the FCA said earlier. A London court found that he induced brokers there to break their employment contracts.

Tullett sued BGC in 2009, claiming Verrier spent millions of pounds to convince the heads of various Tullett trading desks to defect to BGC. The court, which ruled against New York-based BGC in 2010, found that Verrier, in his evidence, “stuck to the truth where he was able to, but departed from it with equanimity and adroitness where the truth was inconvenient.”

Verrier “should have been a role model for others,” Tracey McDermott, the head of enforcement at the FCA, said in the statement. “The judge’s findings about his conduct made it clear he fell far short of that.”

A lawyer for Verrier said he’s no longer advising him on the matter. A spokesman for BGC, Robert Hubbell, declined to comment.

To contact the reporter on this story: Lindsay Fortado in London at lfortado@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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Companies Mentioned

  • BGCP
    (BGC Partners Inc)
    • $7.79 USD
    • 0.06
    • 0.76%
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