City Equities Ltd

Fact. May 1997 - Financial Intermediaries, Managers and Brokers Regulatory Association City Equities Limited fined On 19 March 1997 FIMBRA's Disciplinary Committee issued a Notice of Charges against City Equities Limited of The City Business Centre, London Wall Buildings, London Wall, London EC2M SPP. The Notice of Charges followed investigations carried out by FIMBRA following a routine compliance visit and contained six charges against the member. Those charges, alleging breaches of FIMBRA's rules against the member, comprise failure to obtain and to record proper information about certain clients; failure to explain the risks of investing in penny shares to certain clients; failure to have good grounds for believing that its recommendations were suitable for or of benefit to certain clients; making unsolicited calls; failing to maintain staff supervision procedures and failure to keep proper records in certain cases. City Equities Limited has admitted these disciplinary charges and agreed to pay a fine of £250,000 together with FIMBRA's costs of £30,906. The firm was admitted to FIMBRA membership on 5 November 1992 and is authorised in category 1.

Posted by Anonymous at 12:53 on 12-Feb-2010

This outfit contacted me when i was a relative novice in the markets, gave them 5 shots all bombed cost me about 10k if they ring you tell em to get lost.

Posted by Anonymous at 22:31 on 12-Feb-2009

I am mostly to blame. City Equities tell you up front that their 'investment advice' is for 'high risk' companies. They also tell you that they make their profit by buying shares from the general market or in placings, then selling them to the public. I won't go into all my tales of woe, but suffice to say that I have lost a painful and foolish amount by buying from them - tens of thousands. I was in mourning and depressed when I got involved with them - I just wasn't thinking straight. They STILL phone me and try to sell to me.

Posted by Anonymous at 13:22 on 25-Nov-2008

I've lost over 25k over 4 investment, every investment was meant to be a sure thing... an absolute boiler room... i've comp[lained to the fsa...

Posted by Anonymous at 09:41 on 27-Aug-2008

I was called after registering with ADVFN, an online stock market service. City Equities spiel seemed good at the time. I invested £1200 to start with, then they kept calling, "really good information, this one will go big!” Before I knew it I had very foolishly placed nearly £8000 with them. That was over a period of 6 months, about 3 years ago. That sum is now worth around £3000 now, even in the previous rising market my investment with them never made a profit. I complained, but was given no satisfactory reply. They are simply not interested that they have led a member of the public up the garden path, and accept no responsibility to the liability they have placed upon him. Certainly the portfolio so strongly recommended to me has proved to be a monumental disaster. As is apparent by the performance of the companies they suggested I invest in. I would not go near this bunch of shysters again if they were the only brokers in the world. The companies they reccomended were.( in no particular order ) 1. Aerobox ARX (bankrupt) 2.Seeing machines SEE (now worth less than I paid) 3.Elcom International ELCS (suspended trading) 4.Goldstone Resources GRL (worth less than I paid) 5.Zambezi Resources ZRL (has had a spurt, alas no-more!) Further to this posting, City Equities have complained to ‘Plebble.’ They obviously do not like being exposed in this manner. They could offer to make restitution, watch this space.

Posted by Anonymous at 17:02 on 11-Aug-2008