Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM), has been fined £489,000 and banned from working in financial services by the Financial Conduct Authority (FCA).  

The former managing director of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA. 

During his time at BHAM, Mr Taylor made misleading statements and falsified information during 2 separate attempted acquisitions.

While attempting to acquire a UK bank, Mr Taylor falsified, or arranged to be falsified, documents claiming to be the owner of a bond portfolio worth approximately €200m.

Ms Toni knowingly assisted Mr Taylor by making misleading statements to the bank and by helping falsify the documents. Mr Taylor knew, and Ms Toni understood that it was likely, that these statements and documents would be relied upon by the FCA and Prudential Regulation Authority (PRA) as part of their assessment for the proposed acquisition. 

Ms Toni was interviewed as part of BHAM’s internal investigation into the events. During the investigation, she denied providing misleading statements and the creation of false documents. 

On a separate occasion, Mr Taylor tried to acquire Reading Football Club. Mr Taylor made misleading statements, again falsely claiming to own the €200m bond portfolio to make the acquisition. 

The FCA found that Mr Taylor and Ms Toni acted dishonestly over an extended period. Their actions were intended to mislead BHAM 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."

Notes to editors

1. Read the final notice for Paul Taylor.
2. Read the final notice for Esmeralda Toni.
3. Between 14 February 2022 and 17 January 2025, Mr Taylor was a chief executive and executive director at Blue Horizon Asset Management Ltd.
4. Between 14 February 2022 and 16 December 2025, Ms Toni was an executive director at Blue Horizon Asset Management Ltd.  
5. The FCA found that Mr Taylor and Ms Toni breached Individual Conduct Rule 1, which requires individuals to act with integrity.
6. Mr Taylor agreed to resolve the matter and qualified for a 30% discount under the FCA’s settlement procedures. Without this discount, the financial penalty would have been £698,600.
7. Ms Toni agreed to resolve the matter and qualified for a 30% discount under the FCA settlement procedures. Without the discount, the financial penalty would have been £173,100.
8. The FCA has banned Mr Taylor and Ms Toni from performing any function in relation to regulated activities, having concluded that they are not fit and proper persons.
9. The FCA has the power to impose financial penalties under section 66 of the Financial Services and Markets Act 2000 and to prohibit individuals under section 56 of that act.
10. The notices refer to certain parties in addition to Mr Taylor and Ms Toni. Any reference to those parties is made solely to provide relevant factual context to the findings set out in the notices and should not be taken as criticism by the FCA of their conduct.
11. Find out more about the FCA.