SIB agrees sum for salesman

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The Independent Online
IAN Lloyd-Wright, the offshore investment salesman known as 'the million-dollar man', will have pounds 750 a week to live on while he awaits further court action over his alleged unauthorised investment activities.

The sum was agreed with the Securities and Investments Board yesterday in the High Court in London as Mr Lloyd-Wright undertook not to perform any investment business in the UK.

The case is due to return to court on 8 June, when the court will hear Mr Lloyd-Wright's defence to the SIB's actions against him.

Mr Lloyd-Wright, 46, became known as 'the million-dollar man' because of his annual commission earnings, the court heard.

He gave interim court undertakings not to conduct unauthorised investment business in the UK, not to make false and misleading statements or forecasts and not to make unsolicited calls on investors.

Mr Lloyd-Wright said through his lawyers that he strenuously denied any dishonesty and his undertakings were given 'without any admissions whatsoever'.

Christopher Pymont, counsel for the SIB, told Mr Justice Morritt the undertakings and injunctions continued the effect of court orders obtained on 20 April.