Former chief executive banned after misconduct led to £4m losses in high-risk investments

The FCA has banned Jeffrey Dawkins, the former chief executive of Vector Wealth Ltd, after he dishonestly acted as a front for a disqualified director using the company to sell high-risk bonds. Mr Dawkins has also been fined nearly £270,000.In 2019, Mr Dawkins sold Vector Wealth to a disqualified director who described himself as CEO and wanted to use Vector Wealth’s FCA-authorised status to sell mini-bonds.Mr Dawkins told the FCA he was still in charge, but the new “CEO” was really running the firm. This deception allowed the disqualified director to promote mini-bonds using the legitimacy of the firm to make them appear safer than they were.The disqualified director and Kadir Kanizi, a former senior manager at Vector Wealth, promoted the bonds but investors were not properly warned about the risks.Investors put in £105,000 on average, with one investing £1.1 million. Before seeing the marketing material, they had to confirm they were high net worth or sophisticated investors. Investors are expected to lose about £4 million.The FCA has banned Mr Kanizi from senior management roles. He was fined for failing to make sure consumers were properly warned about the risks.Therese Chamber

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