A Scots baron who was fined £1.3m after an investigation by American financial regulators has put his Scottish island up for sale.

Camilo Agasim-Pereira, who is also known as the Baron of Fulwood & Dirleton after buying the 13th-century title in 2000, has decided to sell Lamb Island, an uninhabited volcanic outcrop in the Firth of Forth.

The Brazilian-born internet entrepreneur, who acquired his title after buying the Kirkclaugh estate in Kirkcudbrightshire for £690,000, was banned in 2004 from being a company director for five years and made to pay compensation after an investigation into share dealing by the US Securities and Exchange Commission (SEC).

Two years earlier Agasim-Pereira was at the centre of a high-profile case in South Africa, where he lived at the time, when he accidentally shot a student in Port Elizabeth after confronting a mugger.

The millionaire, who now lives in Florida, was bequeathed Lamb Island in 2002 along with the surrounding islets North Dog and South Dog. The registered owner of the island is the Fulwood Trust, of which the baron’s three children are the beneficiaries.

While the prospect of owning a Scottish island for offers over £75,000 may seem appealing, there are drawbacks. Lamb measures 100 yards x 50 yards and is so rocky that it is uninhabitable. It lies close to the North Berwick shore and can be reached only by chartered boat. Even then there are no dedicated landing facilities.

The new owner would be unlikely to get planning permission because Lamb is a Site of Special Scientific Interest and is home to a colony of sea birds.

No viewings are being arranged and prospective buyers have been warned that any inspections are carried out at their own risk. “It’s not the easiest thing to do, but I’m told it can be done,” said Nicholas Wright, director of Buccleuch John Sale, in Dumfries, the estate agent. “I wouldn’t have thought you could get permission to build a house, or even a small shed there. You can go for picnics but there’s not much more you can do with it. Although the island is uninhabited and uninhabitable, who hasn’t always wanted one’s own island? It’s perfect for environmentalists or somebody who has a very strong passion for sea birds. There are interesting rocks.”

The baron, 48, who is married to Maxine, is a colourful figure, well known in Kirkcudbrightshire for wearing full Highland regalia and for riding around his estate on horseback.

In 2002, the SEC, which regulates the American stock market, launched an investigation into allegations that he had artificially inflated the value of his internet company QuestNet.

Two years later, final judgment was entered against Agasim-Pereira. He was ordered to pay back £1.3m he earned from the share dealings. A civil penalty of £70,000 was also imposed. The businessman agreed to accept the penalties without admitting or denying the allegations against him.

In 2002 he was fined £160 by a South African court after admitting keeping licensed firearms at his father-in-law’s home without authority.

On his website, the baron says he served in Israel’s defence forces and was awarded a medal for operations in

Lebanon during the 1982 war. In 2001 he was made honorary consul for Mozambique in America because of his ties to a former leader of the country. Since 2005, he has been running a radio station in Florida.

He was unavailable for comment last week.

Times Recommends

• Fern Britton: 'I still can't see that I was wrong'
• Extreme cooking
• Easy French: Tarte Tatin