Two forex agents banned over mis-used £9m

Two foreign exchange agents have been banned for a total of 24 years after securing more than £9m from clients, only to use the funds to payback previous clients.

Peter Roebuck, from Berkhamsted, and Preston-based Francis Tarling both received 12-year disqualifications from acting as directors.

They were directors of a company called Concept Consultancy Services Ltd. Over a five-year period between May 2011 and May 2016, the company entered into private loan agreements with clients worth at least £9.1m.

Clients were promised that their funds would be used by a third party to conduct forex trades and that Concept Consultancy Services would make returns to the client to meet monthly interest and loan repayments.