Bloxham's Gunnell disqualified, probe goes on
The Central Bank has disqualified a former partner of Bloxham for ten years as part of a settlement which will see him help investigations into the collapse of the country's oldest stockbroker
Tadhg Gunnell, who was head of finance and compliance at Bloxham until the collapse three years ago, was found to have overseen "certain financial irregularities" in the firm's accounts which "contributed to its overstated regulatory capital position", the Central Bank said. Mr Gunnell's actions were linked to the misrepresentation of Bloxham's true capital position to the Central Bank between 2007 and May 2012, the regulator added.
Bloxham's collapsed three years ago this month but this is the first time anybody linked to the firm has been punished. As part of the settlement, Mr Gunnell has agreed to help the Central Bank in its probe in "continuing their investigations into Bloxham Stockbrokers and those who were also responsible for the management of the company alongside Mr Gunnell".
A fine of €105,000 was waived because Mr Gunnell is bankrupt. A spokesperson said Mr Gunnell had "cooperated with them fully during the course of their investigation."