Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Investment adviser spouses banned over hidden millions

5 Comments
Investment adviser spouses banned over hidden millions

A husband and wife team of investment advisers has been banned by the regulator for hiding huge sums of wealth from investigators probing the winding down of their previously bankrupt firm.

Colette Chiesa was additionally fined £50,000 over her attempt to mislead investigators from the Financial Conduct Authority, while they investigated her and her husband John Chiesa.

The FCA took action following the closure of their firm Westwood Independent Financial Planners, which in 2011 was fined £100,000 over multiple failings in how it sold traded endowment policies.   

The couple continued to hold ‘significant liabilities’ under the terms of the compensation ordered paid by the Financial Ombudsman Service. But the FCA found they had made ‘inadequate, incomplete and misleading’ disclosures of their assets in order to avoid handing over their cash.

Between July 2011 and July 2013 the couple spent an average of £6,000 a month on a lavish lifestyle, funded from an undisclosed offshore company, while servicing their liabilities with just £200 a month.

‘The Chiesas misled their creditors, especially the FSCS, in a calculated way,’ said Mark Steward, executive director of enforcement at the FCA.  

‘Their misconduct demonstrates a serious lack of integrity.’  

The trust paid out a total of around £2.6 million between April 2012 and December 2014, at an average rate of over £84,000 a month.

These payments were structured as loans with the apparent intention that they would never be recouped, the FCA said. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
2 Comments Play Liam Halligan: the eurozone is about to implode

Liam Halligan: the eurozone is about to implode

The economist and broadcaster told the Citywire Private Office Retreat he believes a potential implosion of the eurozone is the biggest threat markets face today.

1 Comment Play James Anderson: my great fear and hope for the next 10 years

James Anderson: my great fear and hope for the next 10 years

Co-manager of Scottish Mortgage Trust says the financial world has not changed since the banking crisis but predicts the next decade will bring unprecedented upheaval in all areas of the market.

1 Comment Play What wealth managers told clients the day Lehmans went bust

What wealth managers told clients the day Lehmans went bust

We asked wealth managers to go back in time at Citywire North as the 10-year anniversary of the Lehmans collapse approached.

Read More
Your Business: Cover Star Club

Profile: UBS' new UK boss on her plans to win wealth

Profile: UBS' new UK boss on her plans to win wealth

UBS’s wealth arm might be the fourth biggest in the UK, but it still has only 4% of the market share, says incoming boss Eva Lindholm

Wealth Manager on Twitter