The shares advisor must now pay £16,000, following an investigation from the financial regulator.
A broker has been banned from trading and fined £16,000 by the City watchdog, after having made trades without the consent of investors.
Baljit Somal, ex-trader at Square Mile Securities, was found to have not told two clients that he had invested in high-risk shares on their behalf on four separate occasions. These trades, worth around £59,000, netted him around £4,425 in commission.
Elsewhere, the broker was found to have used "high pressure" sales tactics on customers, making some feel forced into investing in shares that they might not otherwise have considered. In his defence, however, he said that Square Mile's corporate culture of giving traders daily sales targets had led him to employ the hard sell techniques.
Mr Somal also pointed out that his basic salary stood at £15,000 - well below the national average - making him very dependent on earning commission.
Nevertheless, his defences were largely rejected by the FSA; director of enforcement, Margaret Cole, commented: "Mr Somal used his position of trust to take unfair advantage of his customers, who expected him to be honest and to treat them fairly. Approved persons should take notice that the FSA expects them to always act with integrity towards their customers."
She added: "We will continue to take action against any individuals that fail to do so."
