The FCA has decided to fine Carlos Ricardo Fuenmayor, chief executive of BancTrust, £99,600 for failing to disclose three separate matters to the regulator. Fuenmayor has referred the Decision Notice to the Upper Tribunal, meaning the findings are provisional.
The FCA said Fuenmayor did not tell it until December 2021, including in application forms submitted on behalf of BancTrust, that FINRA had placed him under investigation in December 2017 and sanctioned him in June 2019.
He also failed to disclose that Venezuela’s National Financial Intelligence Unit froze his local currency bank accounts, and those of his Venezuelan companies and their directors, shortly before a November 2019 inspection.
FINRA’s disciplinary record shows Fuenmayor accepted a 15-month suspension and a $20,000 deferred fine for acting as a General Securities Principal and General Securities Representative without registration at Dakota Securities International.
The FCA said the omissions meant it could not fully assess Fuenmayor’s fitness and propriety. The regulator concluded his failures were negligent and breached Senior Manager Conduct Rule 4, which requires individuals to disclose information that the FCA would reasonably expect to receive.
“Disclosing information which we reasonably expect, and doing it promptly, is key to maintaining trust in financial services and supporting a strong market that works well for consumers,” said Therese Chambers, executive director of enforcement and market oversight at the FCA.
