Between 2009 and 2013 Kevin Allen, without the knowledge of the New Life directors, made illegitimate transfers directed towards his own mortgage firm to support its running costs.
He created a fraudulent email chain between himself and another director to give the impression one of the transactions was authorised. He falsified a bank statement in order to deceive the New Life auditors.
Allen was banned by the Financial Conduct Authority (FCA) from performing any function related to any regulated activity.
Georgina Philippou, acting director of enforcement and market oversight, said: “Mr Allen failed to act with honesty and integrity. He stole money in order to prop up his failing business and then lied in order to cover up his deception. It is essential that those who hold important roles in financial services can be trusted and so we have banned Mr Allen.”
Allen would have been fined £248,500 had he not provided evidence that any financial penalty would cause him serious financial hardship.
