SIB disqualifies ex-Gresham bosses

The Securities and Investment Board has disqualified Peter James West and Paul Bingham, former directors of Gresham Futures Limited, from trading or employment in any part of the financial services industry under section 59 of the Financial Services Act. The procedure was first used to disqualify Roger Levitt, convicted in November 1993 of fraudulent trading, and there are 13 names on the SIB's register of disqualified persons.

The latest disqualifications were announced yesterday after an investigation by the Financial Services Tribunal begun in April 1994, and an appeal process that culminated in an unsuccessful attempt by Mr West last Saturday to secure an injunction preventing the SIB from publishing the tribunal's report.

Mr West was registered by the Securities and Futures Authority as a Representative (Futures and Options) until November 1993, and employed by brokers Bear Stearns, but carried on a shadow business as a director of Gresham Futures and Overseas Client Services Ltd without his employer's knowledge.

Mr West and Mr Bingham knowingly carried on business, dealing mainly with overseas clients, although neither Gresham Futures nor OCSL were authorised to do so.