9.6 C
Home BUSINESS Central Bank bans financial partner for misappropriation of client funds

Central Bank bans financial partner for misappropriation of client funds

The former partner at a financial brokerage in Galway has been barred from holding any role at a financial company again for the misappropriation of client funds.

The Central Bank investigation into misappropriation by Mr Tarpey came on the back of information received in a protected disclosure.

The Central Bank said that Paul Tarpey, formerly the Director of Costello & Tarpey Financial services didn’t act “honestly, ethically, or with integrity” in his dealings.

Costello & Tarpey Financial Services, formerly operating out of Briahill House, has since been dissolved.

An indefinite ban is the most serious outcome the Central Bank can impose under the fitness and probity regime.

Under its terms Mr Tarpey is barred from carrying out any controlled functions, including pre-approval controlled functions, in any regulated financial service provider.

Seana Cunningham, Director of Enforcement and Anti-Money Laundering said, “The Central Bank has a duty to uphold standards in respect of those working in the industry for the benefit and protection of users of financial services.”

“This case should serve as a reminder that the Central Bank will prohibit people who act dishonestly,” he added.

“This outcome is also notable, as it is the first time that we have exercised our discretion to publish full reasons for a prohibition.”

Briain Kelly
Email: news@galwaydaily.com
- Advertisment -

Most Popular

Coronavirus: 4 deaths and 98 new COVID-19 cases

There have been 4 additional deaths related to COVID-19 and 98 new confirmed cases reported by the Department of Health today. The number of confirmed...

Athenry Walled Town Day set to go virtual for first time

Now in its 14th year, Athenry Walled Town Day is set to go virtual for the first time due to Covid-19. The theme of this...

Galway mother of 4 sick children pleads for respite after death of her husband

A Galway mother of four sick children has pleaded for help after her husband died suddenly less than two months ago. Aine Crosse, who lives...
Your Cart