The former CEO of fund manager Blue Horizon Asset Management (BHAM), Paul Taylor, has been fined £489,000 and banned by the FCA from working in financial services after he made attempts to buy a bank and a football club using false statements.
The former managing director of the firm, Esmeralda Toni, has been fined £121,200 for serious misconduct and banned by the FCA, the FCA said today.
During his time at BHAM, the regulator said that Mr Taylor made misleading statements and falsified information during two separate attempted acquisitions.
He came to the attention of regulators after attempting to buy Reading football club and an unnamed bank.
While also attempting to acquire the UK bank, Mr Taylor falsified, or arranged to be falsified, documents claiming to be the owner of a bond portfolio worth approximately £170m.
Ms Toni knowingly assisted Mr Taylor by making misleading statements to the bank and by helping falsify the documents.
Blue Horizon, now under new ownership, is a London-based fund and asset manager offering fund and investment solutions and structured products. It is based in Berkeley Street, London W1. The firm carried out an investigation into the issues related to the two indivuals and co-operated with the FCA, the FCA said. It has so far not been fined or banned by the FCA and it is not clear if it will face disciplinary action.
The FCA said that Mr Taylor knew, and Ms Toni understood that it was likely, that the false statements and documents would be relied upon by the FCA and Prudential Regulation Authority (PRA) as part of their assessment for the proposed acquisition.
Ms Toni was interviewed as part of BHAM’s internal investigation into the events. During the investigation, she denied providing misleading statements and the creation of false documents.
On a separate occasion, Mr Taylor tried to acquire Reading Football Club. Mr Taylor made misleading statements, again falsely claiming to own the £170m bond portfolio to make the acquisition.
The FCA found that Mr Taylor and Ms Toni acted "dishonestly over an extended period." Their actions were intended to mislead BHAM colleagues, counterparties and regulators, the watchdog said.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, said: "Trust in financial services relies on those working in it to be honest. Mr Taylor and Ms Toni fell woefully short of even this minimum expectation. They lied and lied again, first for commercial gain and then to cover their backs. They have no place in our industry."
Between 14 February 2022 and 17 January 2025, Mr Taylor was a chief executive and executive director at Blue Horizon Asset Management Ltd. Between 14 February 2022 and 16 December 2025, Ms Toni was an executive director at Blue Horizon Asset Management Ltd. The FCA found that Mr Taylor and Ms Toni breached Individual Conduct Rule 1, which requires individuals to act with integrity.
Mr Taylor agreed to resolve the matter and qualified for a 30% discount under the FCA’s settlement procedures. Without this discount, the financial penalty would have been £698,600. Ms Toni agreed to resolve the matter and qualified for a 30% discount under the FCA settlement procedures. Without the discount, the financial penalty would have been £173,100.
The FCA has banned Mr Taylor and Ms Toni from performing any function in relation to regulated activities, having concluded that they are not fit and proper persons.
In a statement to Financial Planning Today, Blue Horizon said today: "Blue Horizon Asset Management Ltd notes the Financial Conduct Authority's ("FCA") action against two individuals formerly associated with the Firm in connection with false representations made during two commercial negotiations.
"The FCA’s action is against individuals, not the firm. As the FCA makes clear, no criticism is made of either Blue Horizon or its parent company, Blue Group Holdings Ltd. The individuals acted in breach of the standards and controls the firm expects of anyone acting in its name.
"No client suffered harm or loss a result of their actions. Blue Horizon remains well capitalised, with regulatory capital comfortably in excess of its requirements, and continues to operate and trade normally. The firm notified the FCA promptly after becoming aware of inaccuracies in information which had been provided to the regulator. It then commissioned an independent investigation by an external law firm.
"The investigation’s report together with the underlying materials was shared with the FCA, under the oversight of the firm's senior governance. The FCA subsequently opened its own investigation into the matters identified through the firm’s review and Blue Horizon co-operated fully throughout. Following these events, the firm has undergone a change in ownership and leadership. Blue Horizon remains committed to high standards of governance, compliance and client service, and continues to focus on its future development."
• Editor's Note: Statement from Blue Horizon added to story.