The latest action from the FCA for you;
Christopher Woolcott has pleaded guilty to 4 counts of fraud and forgery after creating a fake takeover bid for Touchstone Exploration Inc.
Mr Woolcott held shares in Touchstone Exploration Inc and stood to benefit financially from any upward movement in the share price had the fake takeover bid been announced to the market.
Mr Woolcott admitted creating a fictitious takeover approach for Touchstone Exploration Inc using multiple false identities and forged documents, in an attempt to lend credibility to the approach.
He will be sentenced at a later date.
Steve Smart, executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), said:
‘Fake bids, forged documents and false identities have no place in our markets.
‘Investors must be able to trust information that affects share prices. The FCA will take action against those who use deception and threaten that trust.’
Tackling market abuse and financial crime is a priority under the FCA’s 5-year strategy.
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