According to SEC, Cashcraft Asset Management Limited, its directors and sponsored individuals are hereby suspended from all capital market activities.
SEC said the suspension is as a result of the company’s violation of Section 155 of the ISA 2007 in its management of Anchor and Bedrock Unit Trust Scheme.
The operator contravened the provisions of the ISA by co-mingling of funds’ assets with its own violation of the funds’ trust deed and asset allocation policy.
It was gathered that the firm failed to file the requisite returns to the commission and failed to maintain the relevant records/books for the funds.
Other offences committed are, failure to facilitate the auditing of the funds’ accounts and consequently hold an annual general meeting, the operator failed/refused to comply with the commission’s directive to transfer the management of the fund to another fund manager.
“The company, its directors and sponsored individuals shall remain suspended until they are cleared by the commission,” SEC stated.
