The SFA has banned Kevin Reed Morgan from investment business and struck him off its register as he is 'unable to meet the standards of honesty, competence and financial integrity expected of a registered person'.
According to the SFA, 'in July 1991 Mr Morgan joined an SFA member firm but after 10 days was asked to resign as he had, on three occasions in that short period, heavily exceeded his trading limits, the last occasion being after he had received a written warning.'
In January 1993 Mr Morgan joined another member firm, where in one day he exceeded his trading limit of dollars 5m by running up a position of dollars 400m. He did not report the positions to his manager until the next day, the firm lost pounds 1.7m, and he was sacked.
The SFA is particularly concerned that 'for some years he had run a speculative personal account at another broker and during 1990 incurred larger losses'.