The Financial Conduct Authority (FCA) has fined and banned two former Blue Horizon Asset Management (BHAM) executives after finding they used false and misleading information during attempted acquisitions of a UK bank and Reading Football Club.

Paul Taylor, the firm’s former chief executive officer, was fined £489,000 and prohibited from working in financial services.

Esmeralda Toni, BHAM’s former managing director, was fined £121,200 and received the same industry-wide ban.

The regulator concluded that both individuals had acted dishonestly over an extended period and breached its requirement to act with integrity.

ATTEMPTED BANK ACQUISITION

During an attempt to acquire a UK bank, Taylor falsified, or arranged for the falsification of, documents claiming that he owned a bond portfolio worth approximately €200m.

The FCA found that Toni knowingly assisted Taylor by making misleading statements to the bank and helping to falsify the documents.

Taylor knew, and Toni understood it was likely, that the FCA and Prudential Regulation Authority would rely on the information when assessing the proposed acquisition.

Toni later denied making misleading statements or helping to create false documents when interviewed during BHAM’s internal investigation.

READING FC BID

On a separate occasion, Taylor attempted to acquire Reading Football Club and again falsely claimed to own the €200m bond portfolio.

The FCA said the pair’s conduct was intended to mislead colleagues, counterparties and regulators.

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.”

SETTLEMENT DISCOUNTS

Both individuals agreed to settle the FCA’s cases and received 30% discounts on their financial penalties.

Without the discount, Taylor would have been fined £698,600, while Toni’s penalty would have been £173,100.

Taylor served as BHAM’s chief executive and an executive director between February 2022 and January 2025. Toni was an executive director from February 2022 until December 2025.