Former Bloxham Stockbrokers partner banned

The Central Bank has insisted that its investigations into Bloxham Stockbrokers are continuing after it said yesterday it had struck a conclusive settlement agreement with a former general partner of the stockbroking firm which collapsed in 2012.

The Central Bank said it had imposed a long ban on Tadhg Gunnell, a former partner who was head of finance and compliance at Bloxham, from working in financial services for his actions relating to the “misrepresentation of the firm’s true regulatory capital position” for a period from the end of 2007 to May 2012.

Bloxham collapsed in late May 2012 when, following Central Bank enquiries, its management told the Central Bank of financial irregularities at the firm.

Over a weekend in late May 2012, Bloxham’s private client business was transferred to Davy Stockbrokers. Many staff at the country’s then fourth largest broker only learned of their fate when they turned up for work the following Monday.

The High Court subsequently appointed Kieran Wallace as official liquidator to the firm.

The Central Bank said yesterday it had placed a 10-year ban, the longest sanction it has ever imposed, on Mr Gunnell from working in a management role in a regulated financial services firm, but it had waived a €105,000 fine because he is now a declared bankrupt.

“Mr Gunnell oversaw certain financial irregularities in the firm’s accounts that contributed to its overstated regulatory capital position,” the Central Bank said in a statement. “Certain of the capital contributions to the firm were misrepresented as being unencumbered when third parties had pre-existing rights over the monies making them ineligible regulatory capital.”

Mr Gunnell fully co-operated during the investigation, it added.

A spokeswoman for the Central Bank said that its investigations into Bloxham are continuing.

Mr Gunnell, 39, said in a statement that he welcomed the conclusion of his settlement with the Central Bank. He said that he hoped that the investigation will assist the bank in their continuing investigations into Bloxham.

“The Central Bank expects that persons concerned in the management of regulated entities should act to the highest standards within the industry. Where any person involved in managing our regulated financial service providers falls short of these standards, enforcement action can be expected to follow against that person,” Derville Rowland, the director of enforcement at the Central Bank, said.


Lifestyle

Dr Sarah Miller is the CEO of Dublin’s Rediscovery Centre, the national centre for the Circular Economy in Ireland. She has a degree in Biotechnology and a PHD in Environmental Science in Waste Conversion Technologies.‘We have to give people positive messages’

When I was pregnant with Joan, I knew she was a girl. We didn’t find out the gender of the baby, but I just knew. Or else, I so badly wanted a girl, I convinced myself that is exactly what we were having.Mum's the Word: I have a confession: I never wanted sons. I wanted daughters

What is it about the teenage years that are so problematic for families? Why does the teenage soul rage against the machine of the adult world?Learning Points: It’s not about the phone, it’s about you and your teen

Judy Collins is 80, and still touring. As she gets ready to return to Ireland, she tells Ellie O’Byrne about the songs that have mattered most in her incredible 60-year career.The songs that matter most to Judy Collins from her 60-year career

More From The Irish Examiner