Beaufort Securities head ‘in shock’ over FCA action following cash injection

The head of Beaufort Securities, Tanvier Malik, has claimed he injected more cash into the broker just days before it was shut down by the FCA over growing concerns it was insolvent.

Speaking to The Sunday Times, Malik said he had no idea the FCA had serious concerns over its finances.

The FCA secured a High Court order to close Beaufort, which was announced on the same day at US prosecutors indicted it for running a stock scam and attempting to launder the proceeds.

Malik said: “We are all in shock. We still can’t get our heads around it. Not at one time have they said to me as CEO in the past three months ‘we have concerns with your balance sheet – you need to strengthen your balance sheet’. There’s no shortage of cash. There’s over £2m there.”

The FCA declined to comment, but sources close to the regulator said a judge would not have agreed to the closure unless its report on the firm’s finances – carried out by the accountants PwC – had shown it to be insolvent.

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