Barry Townsley
Encyclopedia
Barry Stephen Townsley CBE
(born 14 October 1946) is a British
stockbroker. He sold his stockbroking business, Townsley & Co., to the Dutch private bank Insinger de Beaufort.
He is married to Laura Wolfson, daughter of Leonard Wolfson, Baron Wolfson
of the GUS
retail company. He was a governor of the Weizmann Institute of Science
, and supporter of The Israel Center for Social and Economic Progress
founded by Daniel Doron
.
led to his nickname, the "Galloping Major".
after buying 500,000 Railtrack
shares for a client in March 2002, days before Transport Secretary Stephen Byers
announced that the Government
would be rescuing the firm. No action was taken.
, recorded as donating "more than £5,000" before 2001 and £6,000 since 2001. He also donated £10,000 to the London Mayoral
campaign of Frank Dobson
.
Described as "colourful" by The Sunday Times
, Townsley was involved in the so-called "cash for peerages
" scandal in March 2006, in which it was revealed that he had lent £1m to the Labour Party
at the solicitation of Lord Levy, and contributed £1.5m to a City Academy
in Hillingdon
. He was nominated for a peerage
shortly after making the loan
, but in February 2006 he withdrew from the nomination
on the grounds of press intrusion into his private life. Townsley was the subject of an investigation by the Serious Fraud Office
.
, the largest share fraud on the LSE
's Alternative Investment Market
. Townsley's company Insinger Townsley (now Insinger de Beaufort) was Crown's broker at the Initial Public Offer and supplied with a copy of the Proximal Report by Banque SCS Alliance, which proved that Crown's key asset was fake. Townsley was due to become the vice chairman of Crown Oil, a subsidiary of Crown/Langbar, but as with the other Langbar ventures, this failed. He resigned from the company in January 2005. He was due to give evidence at the Royal Courts of Justice
in the case of Langbar International Limited v Mariusz Rybak and others that started in the High Court
on 12 November 2007. After 56 days of trial, Langbar International agreed a settlement with Rybak whereby he was ordered to pay back £30m.
Order of the British Empire
The Most Excellent Order of the British Empire is an order of chivalry established on 4 June 1917 by George V of the United Kingdom. The Order comprises five classes in civil and military divisions...
(born 14 October 1946) is a British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
stockbroker. He sold his stockbroking business, Townsley & Co., to the Dutch private bank Insinger de Beaufort.
He is married to Laura Wolfson, daughter of Leonard Wolfson, Baron Wolfson
Leonard Wolfson, Baron Wolfson
Sir Leonard Gordon Wolfson, 1st Baron Wolfson, 2nd Bt FRS was a British businessman, the former Chairman of GUS, and son of GUS magnate Sir Isaac Wolfson, 1st Baronet. He was Chairman of the Wolfson Foundation...
of the GUS
GUS (retailer)
GUS plc was a FTSE 100 retailing group based in the United Kingdom. GUS is an abbreviation of Great Universal Stores, the company's former name before 2001...
retail company. He was a governor of the Weizmann Institute of Science
Weizmann Institute of Science
The Weizmann Institute of Science , known as Machon Weizmann, is a university and research institute in Rehovot, Israel. It differs from other Israeli universities in that it offers only graduate and post-graduate studies in the sciences....
, and supporter of The Israel Center for Social and Economic Progress
Israel Center for Social and Economic Progress
The Israel Center for Social and Economic Progress is an independent pro-market public policy thinktank founded in 1983 by Daniel Doron to promote basic structural reform in Israel's economy. Its British Friends include members of the Jewish-British community such as Gerald Ronson and Barry Townsley...
founded by Daniel Doron
Daniel Doron
Daniel Doron is an Israeli publicist and political activist. He is the founder and director of the Israel Center for Social and Economic Progress . In this capacity, he has recommended economic changes to the Israeli government, some of which have successfully been implemented...
.
Galloping Major scandal
Barry Townsley and Ronnie Jacobson were barred from the Stock Exchange for six months for "gross misconduct" in 1981. Jacobson Townsley had been one of the broking firms used by Sir Trevor Dawson, who used clients' funds to trade on his own account. Dawson was a colourful character whose love of horse racingHorse racing
Horse racing is an equestrian sport that has a long history. Archaeological records indicate that horse racing occurred in ancient Babylon, Syria, and Egypt. Both chariot and mounted horse racing were events in the ancient Greek Olympics by 648 BC...
led to his nickname, the "Galloping Major".
Railtrack
Townsley was investigated by the Financial Services AuthorityFinancial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
after buying 500,000 Railtrack
Railtrack
Railtrack was a group of companies that owned the track, signalling, tunnels, bridges, level crossings and all but a handful of the stations of the British railway system from its formation in April 1994 until 2002...
shares for a client in March 2002, days before Transport Secretary Stephen Byers
Stephen Byers
Stephen John Byers is a British Labour Party politician who was the Member of Parliament for North Tyneside from 1997 to 2010; in the previous parliament, from 1992, he represented Wallsend...
announced that the Government
Government
Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized...
would be rescuing the firm. No action was taken.
Cash for Peerages
He was a member and supporter of the Labour PartyLabour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
, recorded as donating "more than £5,000" before 2001 and £6,000 since 2001. He also donated £10,000 to the London Mayoral
Mayor of London
The Mayor of London is an elected politician who, along with the London Assembly of 25 members, is accountable for the strategic government of Greater London. Conservative Boris Johnson has held the position since 4 May 2008...
campaign of Frank Dobson
Frank Dobson
Frank Gordon Dobson, is a British Labour Party politician who has been the Member of Parliament for Holborn and St. Pancras since 1979...
.
Described as "colourful" by The Sunday Times
The Sunday Times
The Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
, Townsley was involved in the so-called "cash for peerages
Cash for Peerages
Cash for Honours is the name given by some in the media to a political scandal in the United Kingdom in 2006 and 2007 concerning the connection between political donations and the award of life peerages...
" scandal in March 2006, in which it was revealed that he had lent £1m to the Labour Party
Labour Party (UK)
The Labour Party is a centre-left democratic socialist party in the United Kingdom. It surpassed the Liberal Party in general elections during the early 1920s, forming minority governments under Ramsay MacDonald in 1924 and 1929-1931. The party was in a wartime coalition from 1940 to 1945, after...
at the solicitation of Lord Levy, and contributed £1.5m to a City Academy
Academy (England)
In the education system of England, an academy is a school that is directly funded by central government and independent of control by local government in England. An academy may receive additional support from personal or corporate sponsors, either financially or in kind...
in Hillingdon
Hillingdon
Hillingdon is a suburban area within the London Borough of Hillingdon, situated 14.2 miles west of Charing Cross.Much of Hillingdon is represented as the Hillingdon East ward within the local authority, Hillingdon Council...
. He was nominated for a peerage
Peerage
The Peerage is a legal system of largely hereditary titles in the United Kingdom, which constitute the ranks of British nobility and is part of the British honours system...
shortly after making the loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
, but in February 2006 he withdrew from the nomination
Nomination
Nomination is part of the process of selecting a candidate for either election to an office, or the bestowing of an honor or award.In the context of elections for public office, a candidate who has been selected by a political party is normally said to be the nominee of that party...
on the grounds of press intrusion into his private life. Townsley was the subject of an investigation by the Serious Fraud Office
Serious Fraud Office (UK)
The Serious Fraud Office is an independent UK Government department that investigates and prosecutes serious or complex fraud and corruption...
.
Langbar International Fraud
He was also connected with Crown Corporation Limited which subsequently was renamed Langbar InternationalLangbar International
Langbar International is a limited company that was listed on the Alternative Investment Market of the London Stock Exchange as Crown Corporation Limited in 2003 and was the biggest share fraud on the Exchange to date...
, the largest share fraud on the LSE
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
's Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
. Townsley's company Insinger Townsley (now Insinger de Beaufort) was Crown's broker at the Initial Public Offer and supplied with a copy of the Proximal Report by Banque SCS Alliance, which proved that Crown's key asset was fake. Townsley was due to become the vice chairman of Crown Oil, a subsidiary of Crown/Langbar, but as with the other Langbar ventures, this failed. He resigned from the company in January 2005. He was due to give evidence at the Royal Courts of Justice
Royal Courts of Justice
The Royal Courts of Justice, commonly called the Law Courts, is the building in London which houses the Court of Appeal of England and Wales and the High Court of Justice of England and Wales...
in the case of Langbar International Limited v Mariusz Rybak and others that started in the High Court
High Court of Justice
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales...
on 12 November 2007. After 56 days of trial, Langbar International agreed a settlement with Rybak whereby he was ordered to pay back £30m.