A financier has been banned by the United Kingdom's Financial Conduct Authority (FCA) after allegedly fabricating documents to support his claim of owning a £170 million bond portfolio. The false claims were made during separate attempts to acquire Reading Football Club and a small UK bank between December 2023 and October 2024.
Paul Taylor, the former chief executive of Blue Horizon Asset Management, was fined £489,000 and barred from working in the financial services industry. The FCA stated that Taylor acted dishonestly and with a lack of integrity by making false and misleading statements. Esmeralda Toni, Blue Horizon's then managing director, also received a £121,200 fine and a ban for what the FCA termed "serious misconduct."
Therese Chambers, FCA executive director, emphasized the importance of honesty in financial services, stating, "Mr. Taylor and Ms. Toni fell woefully short of even this minimum expectation. They lied and lied again. They have no place in our industry."
Taylor's financial career includes past work with the Tchenguiz brothers and an unsuccessful attempt to take over Chelsea Football Club in 2002. He also led a £10.6 billion bid for Sainsbury's in 2007 on behalf of Qatari investors, which was also unsuccessful.