Controversial stockbroker Pacific Continental Securities, awarded the Guardian Money accolade as "the worst investment firm of the year" last December, has gone bust.

The firm's collapse came just days after the Financial Services Authority banned it from taking on new business.

A new company, Caspian Stockbrokers, legally formed just 24 hours before the FSA pulled the plug on Pacific Continental, has now bought most of its business from Smith & Williamson, the insolvency specialists called in to wind it up.

And, in a further bizarre move, a rival stockbroker has accused Pacific Continental of plagiarism by copying its research material almost word-for-word but passing it off as its own.

The FSA action was not unexpected. It had plenty of evidence of mis-selling and unsuitable advice, including scores of complaints to the Financial Ombudsman. Guardian Money first warned of the broker in 2004 and advised readers to steer clear of it several times more recently.

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