SFA acts over Robson Cotterell

The Securities and Futures Authority has reprimanded and suspended David Porter from the register of representatives for a year from 2 December 1996, fined him pounds 10,000 and ordered him to pay costs of pounds 10,360. The SFA said it also reprimanded Mr Porter's former employer, Robson Cotterell, fined it pounds 20,000 and ordered it to pay pounds 10,000 costs for failing to adequately monitor and supervise his activities and for failing to ensure that his trading complied with SFA rules.

Mr Porter's suspension relates to his allegedly churning the portfolios of two clients, the SFA said. "Between January and November 1994, Mr Porter undertook 188 and 189 trades respectively on the accounts of two clients. Stocks were repeatedly traded rather than held and a number of stocks were traded on four or more occasions during the period," the SFA said. It added that Robson Cotterell is required to refund a proportion of commission and other charges paid by the two clients.