Monday, 24 May 2010

The FSA on Jonathan Bunn: "he is not a fit and proper person"

Right, this has really pissed me off. The FSA reckons Jonathan Bunn, one of my dearest friends, is not a fit and proper person. So it bans him! Outrageous!

This is an old story concerning Lewis Charles Securities, Bunn's ex-employer. The FSA says: 'Between 22 July and 30 July 2009 Bunn deliberately entered into several unmatched trades which gave LCS a short position of 6,950,000 HSBC shares. He concealed this position by writing out false deal slips designed to mislead the LCS back-office into thinking that his sales were "matched" and that LCS did not have a position in the shares. Despite being challenged over several days, he continued to assert that the trades were genuine.' More here.

Well, it was obviously a misunderstanding of some kind!

O Master, how many friends do you have in the world of banking and finance, exactly?

This is what my dear friend Jonathan has to say for himself: 'Between 22 July and 30 July 2009, I was off floating in a peyote-induced world of dreams. To be more precise, I was taking a well-earned break in the astral desert of our love. It's in my diary. The FSA is barking up the wrong tree. Maybe it was a diseased, money-crazed impostor. Maybe it was some sort of automaton - designed to look like me - that got involved in all this skulduggery. I smell a rat. I smell the world's most demonic financier. Ladies and gentleman, I give you Jack Pickles!'

Well, it's a touch melodramatic, and I can't speak for the FSA, but it's good enough for me. Congratulations, Jonathan, you have defended yourself with aplomb!