The Financial Conduct Authority (FCA) said it would have imposed a substantial fine on the company if it had not already been in liquidation or owed its 136 creditors - most of which are consumers - roughly 9.2 million pounds ($13 million).
We may never understand Peter Rexstrew's motivation for operating Premier FX in this way, using new customers' funds to pay existing customers or business expenses.
Sterling reached its highest levels since April 2018 when it crossed $1.40 on Friday. It has risen 2.6% against the dollar in 2021 and its rapid gains have led to talk of a possible correction.
Some 17.6 million people, over a quarter of the 67 million population, have now received a first dose of a COVID-19 vaccine.
Britain's economy shrank 9.9% in 2020, which is the biggest annual decline in output in more than 300 years.
"While the market's still making fresh highs, we expect the retracements to be bought into," said Joe Tuckey, FX analyst at Argentex. "We saw a lot of tailwinds for sterling."