Four bosses who duped 124,000 people in a £7m loans scam banned from working in financial services
The four bosses of Secure My Money have been banned from working in financial services
Four bosses who duped 124,000 people into thinking they had been approved for a loan have been banned from working in financial services.
David Mullins, Edward Booth, Christopher Brotherton and Mark Kennedy ran Secure My Money (SMM), which claimed to help hard-up customers borrow cash.
It told visitors to its website they had been approved for a loan and asked them to enter card details to verify their account.
Customers were charged between £39 and £69 each – but were not approved for a loan.
Instead, they were directed to a list of web links to lenders with which SMM had no relationship.
The Financial Conduct Authority ordered the men to take down their site in 2014, but they carried on signing up customers before going bust.
The FCA says 124,000 people lost £7.2m. Around £1.4m has been paid back. The FCA did not take any other action against the four as the firm shut before the FCA had powers to fine staff.