Are You All Called Davy Then?

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The Central Bank has announced it has fined J&E Davy over €4 million for regulatory breaches arising from personal account dealing

Via RTÉ:

The Central Bank has fined stockbroker Davy €4.13m, the biggest fine of its kind in Ireland. for breaching market rules…

Via RTÉ:

What the Central Bank calls a “consortium” of 16 Davy employees, including a group of senior executives, bought bonds from a client at an agreed price.

But the client was not made aware that the consortium was made up of Davy employees.

This, the Central Bank says, created a “conflict of interest”.

The Central Bank said that in permitting the transaction to go ahead, Davy had acted “in a reckless manner”.

Central Bank fines Davy €4.1m for breaching market rules (RTÉ)

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32 thoughts on “Are You All Called Davy Then?

  1. johnny

    -this is the real issue,total blatant in your face disregard for regulation,Davy considers itself above the law in Ireland.
    …the stockbrokers had provided “vague and misleading details”.
    It also withheld information”

  2. Jdawgs

    My family had a lot of dealings with Davy for many years. The snake oil going on in there is something else. I think the Central Bank should poke around as there is a lot of fraudulent goings on in there for sure.

    1. millie bobby brownie

      +1

      Dealt with them a few times and there’s something dodgy going on there for sure. On the surface, everything by the book; dig a little deeper and you find the rot

      1. goldenbrown

        yep, I can confirm

        couple of years back they tricked a highly qualified relative of mine with her own client book into joining them only to mysteriously clip her a year later during a “downsizing” exercise but fortuitously keeping her client list they’d inherited….oh and she was pregnant at the time

        ongoing

        1. Johnny

          … cause most likely it’s a blind employee pool or fund and was executed by one trader – house ac …it’s actually a really stoopid question…..oh yeah let’s name and shame them….as if.

          1. Johnny

            At larger firms investment opportunities/pools/funds get passed around like coke in sandy lane,some you invest blindly in,you have no control or influence if the pool/fund goes rogue.
            It’s a firm issue not the partners who a threw few euros into a blind house pool,they did not execute the trade nor direct the response.

          2. Brother Barnabas

            so more detail has emerged and, as usual (ahem, “johnny green column”), Johnny doesnt know what he’s talking about

            stay in your lane, chump

          3. V aka Frilly Keane

            Even at that Johnny
            You and I know there are controls – supposed to be anyway, that get checked and tested, by Internal Audit, Compliance, External Auditors and the Central Bank, c’mon

            Even a simple Code of Conduct would forbid this Conflict of Interest activity, and profiteering – which btw is Insider Trading as they had access to information that they exploited for personal financial gain, therefore Corruption therefore, possibly a Criminal Offence if they can connect it under Money Laundering activity – oopps another sanction for the firm

            if not for Good Standards of Practice blah blah blah
            For the Firm’s Reputation alone

          4. V aka Frilly Keane

            an institution is what I heard

            but that could be a big Chairity or Religious Order or even a Bank Staff Pension Fund
            could even be a Credit Union btw

            if its the latter, I’ll hear soon enough

            Same if its another Central Bank regulated entity

          5. johnny

            oh and take your time bro,now about those names what you need them for again?

            ..(V its NI developer and maple 10 investor,project eagle Paddy Kearney, above)

          6. johnny

            …angry old lonely man spends hours online insulting and ranting at other commentators,im at a loss once again as to what point your trying to make,other than your usual schoolyard bullying and abuse….

            “stay in your lane, chump”

            c’mon Bro fill us in,what ya gonna do with those names ?

            what exactly do you think in a few words did these indivudals do,i mean its obv your area ‘chump’

            ….take your time bro,but on what grounds are you calling for this-or simply why ?

          7. Brother Barnabas

            “insulting”

            you’ll find, johnny, that you were the one who jumped onto a comment of mine with an insult

            and what am I going to do the names? what kind of stupid question is that?

            the reason their names should be made public is that we have an established system in every open society that people found guilty of wrongdoing dont get to retain anonymity. and that should apply to white-collar wrongdoing just as much as it does to any other wrongdoing. you dont think so?

          8. Johnny

            Your words-‘that people found guilty ‘ which people ?

            Now are you calling for individual prosecutions or just widely accusing them of being “found guilty’ of what exactly,what law or laws did these individuals break ?

            The clue inspector is in the headline…

            The Central Bank has announced it has fined J&E Davy

            A careful reading of line 2

            The Central Bank has fined stockbroker Davy €4.13m

            The kicker may be

            The Central Bank said that in permitting the transaction to go ahead, Davy had acted

          9. Brother Barnabas

            4 of the 16 are directors, the other 12 are associate directors

            CB also stated that the consortium was “acting in a personal capacity” and stood to make “personal financial gain”

            I actually know the names, but, yes, I’d like to see them made public

            what had your knickers so in a twist ?
            is daddy one?

          10. Johnny

            Your words….. ‘the reason their names should be made public is that we have an established system in every open society that people found guilty of wrongdoing…

            So again who found them guilty ?

            And of what ?

            Take your time bro.

          11. Brother Barnabas

            someone doesnt have to be formally convicted to be guilty of something, johnny

            for example, you’re guilty of being an utter knobend, but you havent yet been convicted of that, have you?

            doesnt make you any less guilty of it

      1. V aka Frilly Keane

        They have to be

        Not just in accordance with Central Bank rules on Fitness & Probity and minimum compliance if any of them were in PCF positions
        But their own Governing Bodies – CAI ACCA LIA IOB etc

        Also by their own firm to their prospective clients, and current clients, who at the very least, should have been informed immediately of the Sanctions and who exactly were involved

        Plus their insurers btw

  3. eoin

    Fines are a waste of time. I wouldn’t mind breaking the law and paying a fine if my profits exceed the fine. Give em jail time. Sentences with jail time would clean up banking. Though it would also drive all financial services out of the country and into a friendlier jurisdiction.

  4. Termagant

    But the radio ad told me they were my friends

    4 million in fines. What was the value of the bonds, I wonder?

  5. Walter Ego

    Why are the Gardai not involved?
    Oh wait………i was being silly there.
    For a moment i thought the same rules apply to those financial whizzkids as they do us mere minions.
    I know my place.

  6. Paulus

    Davy Davy  give us your answer do.
    We’re half crazy for ever trusting you.
    There’ll be no investigation.
    Don’t fear for you reputation.
    Oh you’ll look sweet, word on the street,
    Is your company will pull through.

    1. ian-oh

      A solid 7.7/10 Paulus.

      (Points deducted because I detest the original song but great effort.)

      ;)

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