The former chief executive of WorldSpreads Limited, Conor Foley, has been hit with a £658,900 fine for market abuse, alongside a ban on any roles linked to a regulated activity.

The decision by the UK’s Financial Conduct Authority relates to Foley’s drafting of documents ahead of the company’s 2007 flotation, which failed to disclose that some executives made significant loans to WorldSpreads Group and its subsidiaries, the FCA said in a 3 July statement.