James Lewis, former CEO of Shad Capital Partners, was fined £120,300 by the UK Financial Conduct Authority (FCA) and banned from conducting financial business for providing inaccurate information about client cash on two occasions, posing risks to the market and investors.

Between June 2015 and May 2017, Lewis informed auditors that Shad held hundreds of millions in cash for a specific client. In reality, these amounts were owed by another client within the same group.

Additionally, between June and July 2021, Lewis provided misleading information to another client, claiming that Shad held significant funds on their behalf. However, all of the client's cash balances had previously been transferred out of their account.

In each case, Lewis knew that the information he provided would be used to compile the clients' annual accounts. As a result, these accounts were misreported.

While the FCA was considering the first case, Shad discovered the second case and reported it to the FCA in September 2023. Subsequently, Lewis also reported his own actions to the FCA.