By allegedly placing customer funds in his personal business account, Hastings failed to observe high standards of commercial honor and just and equitable principles of trade and thereby violated FINRA Rule 2010.

FORBES: Customer Paid Interest From Nonexistent IRA

In conducting its business in this manner, the firm failed to observe the high standards of commercial honor and just and equitable principles of trade required by NASD Conduct Rule 2110 and FINRA Rule 2010.

FORBES: Broker Dealer President And Chief Compliance Officer Sued By Firm

Although the Penrose report pointed to failings at various regulators, like the Department for Trade and Industry and the Government Actuary's Department, it said the blame for the Equitable's problems lay principally with the society's management, who he accused of being the author of its downfall.

BBC: What happened to the Equitable?