It is fair to say that the writing was on the wall for Beaufort Securities for quite some time prior to their predictable demise in 2018. Until then Beaufort was regulated to provide financial advice, however in March 2018, they went into default at the Financial Conduct Authority (FCA) which means that claims can now be made against it up to £50,000.
Due to its previous unscrupulous business dealings Beaufort was fined by the FCA twice in less than three years, after its brokers were found to have used aggressive and pushy sales techniques. The FCA fined them £90,000 after uncovering many inappropriate sales practices which were below minimum acceptable standards. The FCA said Beaufort’s employees sold poor quality stocks to clients who were pressurised into buying it, and even persuaded some clients to buy more. Brokers at Beaufort used high-handed selling practices and did not consider the interests of their customers. That penalty came less than three years after Beaufort was fined £150,000 for making a misleading statement to the market regarding a share placing by the media company PrimeEnt. Beaufort’s chief executive at the time, Sean Blackwell, was refused FCA approval to become an investment manager. In addition the US Department of Justice brought criminal charges against Beaufort for its alleged involvement in securities fraud and money laundering. Beaufort was connected with the following appointed representatives and agents namely HB Axis Ltd and Sharecrazy.com Ltd
The mis-selling by Beaufort included but was not limited to:1.trading as principal but failing to disclose it, 2.Its stockbrokers/ financial advisors gave false or misleading information, 3. Risks were not adequately explained to customers, 4.The business failed to properly assess clients’ financial circumstances and 5.Shares purchased were wholly unsuitable for their clients’ portfolios and outside those clients’ normal risk levels.
We currently act for a large number of client’s who have suffered financial losses as a result of Beaufort’s poor trading practices and improper business dealings and we are happy to look into your claim as well on a No Win No Fee basis.
If you have suffered a loss involving Beaufort Securities / Hoodless Brennan PLC, please contact us for a no obligation conversation and we will explain further on how we can help you recover your losses.