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But no Hoops fans were affected by the con and the club was quick to axe the link with Goodwin after FIMBRA took action.
The West Bromwich approved about 700 equity release mortgages through Fisher Prew-Smith (FPS), a firm which had no long track record in the financial industry and had only just been approved by the former financial advisers' watchdog FIMBRA.
But Celtic pulled the plug on Glasgow-based brokers Caledonian Investments, which runs the two offshoots, after it was investigated by financial watchdog FIMBRA over alleged irregularities.
The Record revealed that watchdog FIMBRA was probing Glasgow-based Caledonian Investments Ltd over alleged irregularities.
The inquiry, by financial watchdogs FIMBRA, has been going on for several weeks.
He was authorised by the watchdog organisation FIMBRA from May, 1988, but surrendered his authorisation at the end of 1994.